Best Buy Co., the nation's largest consumer electronics retailer, says it will be handing out bonuses to more than 100,000 employees, joining a list of companies sharing a portion of their windfall from the corporate tax reform law with employees.
Best Buy's co-founder and former chairman Richard Schulze is returning to the Best Buy fold as chairman emeritus. The move comes after Schulze considered making a buyout bid for the electronics retailer but never made a formal offer.
Best Buy is eliminating 400 jobs at its headquarters in Richfield. The electronics retailer says it notified employees Tuesday of the job cuts as part of its plan to eliminate about $150 million in administrative expenses.
Best Buy's founder says he wants to take the electronics retailer private by buying up all of its outstanding shares he doesn't already own for $24 to $26 each. Best Buy shares jumped 22 percent on the news.
Best Buy's founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
Best Buy has announced the locations of 50 stores it'is closing this year. The list includes seven stores in California, six in Illinois and six in the company's home state of Minnesota, including: Hutchinson, Edina, Lakeville, Rochester, Rogers, and Brooklyn Center.