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But Best Buy isn't moving quickly because it wants Schulze to name his private equity partners, according to Reuters.
In the letter, Schulze said Credit Suisse is confident it can arrange debt financing and added that "a number of major banks have contacted Credit Suisse to express their interest in participating in the debt financing."
Schulze also wrote that Best Buy has seen its culture and values erode and that his group, which includes former CEO Brad Anderson and former president and COO Allen Lenzmeier, can reinvigorate the company.
"I believe bold and fundamental changes are needed to return Best Buy to market leadership, and I have done extensive work to develop a plan focused on renewed growth and increased efficiency to address Best Buy's challenges," Schulze wrote. "This team has a history of successfully growing and reinventing Best Buy in response to ever-changing industry conditions. I have shared this plan in depth with the private equity firms prepared to partner with me -- and they believe it is the right plan and the right leadership."
Earlier this year, Best Buy said it planned to close 50 stores in the U.S. and lay off 400 employees.
In a statement, Best Buy said its board would review and consider Schulze's letter "outlining a highly conditional unsolicited indication of interest."
Best Buy also noted that Minnesota law does not prevent Schulze from "further exploring and engaging in discussions with his private equity partners, and he does not need the consent of Best Buy's board of directors to bring forward a proposal that names them."
PUBLISHED AUG. 16, 2012
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