Shortly after abandoning buyout possibilities of his former company, Best Buy co-founder and former chairman Richard Schulze announced Monday that he is returning to the retailer as chairman emeritus.

Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported.

Best Buy Co. said it agreed to extend the deadline to Feb. 28 for founder Richard Schulze to make a bid for the company.

A report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.

Best Buy is open to considering a lowered bid from founder Richard Schulze, according to the New York Post.

Best Buy Co. announced that it has agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

A report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

Best Buy Co. has named Hubert Joly, the former chief executive of global hospitality company Carlson, as the chain's new CEO and president.

Best Buy Co. co-founder Richard Schulze said that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion.

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.

With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down.