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Developing report: Best Buy founder considering buying out company
Minneapolis -- A just-released report from the Wall Street Journal said that Best Buy founder Richard Schulze, who resigned his chairman of the board seat earlier this month, may be looking into buying out the company.
Schulze is said to be working with bankers from Credit Suisse. At the time of his resignation as chairman, he owned approximately 20% of the company.
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Ritz Camera files for bankruptcy; to close 128 stores
New York -- Ritz Camera & Image has filed for Chapter 11 bankruptcy protection. As part of its restructuring, the company, which has 265 stores in 34 states, plans to close 128 locations and cut its staff of 2,000 in half.
This is the second time Ritz has sought protection under the bankruptcy laws, having emerged from Chapter 11 two years ago.