Report: Best Buy founder recruiting executive team
New York — Richard Schulze, the founder of Best Buy, is recruiting a team of managers to run the company should his attempt to take the company private be successful, according to a report by Bloomberg.
“He is talking to people he trusts. There is a small group he’d like to have with him in righting the ship,” J.D. Wilson, senior VP of enterprise capabilities, said in an interview with Bloomberg.
Wilson said his position is being eliminated as part of Best Buy’s planned cutbacks.
Schulze, 71, currently holds a 20% stake in Best Buy.
Sycamore extends Talbots offer for a second time
New York — Sycamore Partners extended its tender offer to buy The Talbots Inc. to Aug. 2. It is the second extension given by Sycamore to the retailer.
The private equity firm said in May that it would buy Talbots for $193.3 million. The tender offer was previously scheduled to expire at 5 p.m. ET on July 27.
Retired chairman of KPMG joins Wal-Mart board
Bentonville, Ark. — Wal-Mart Stores announced on Monday that the retired chairman of accounting and consulting firm KPMG International has joined its board of directors, effective immediately.
Timothy Flynn, 55, will serve as a member of the retailer’s audit committee and becomes the 17th member of Wal-Mart’s board.