A Best Buy timeline

  • Updated: November 17, 2012 - 4:40 PM

1966: Richard Schulze and a business partner found an electronics store called Sound of Music.

1981: A tornado hits Roseville; company responds with "Tornado Sale," featuring low prices, no-frills.

1983: Company name changes to Best Buy Co. Inc., and it opens first superstore.

1989: Best Buy launches warehouse-style retail strategy, introduces Best Buy yellow-tag logo.

1993: Becomes nation's second-largest consumer electronics retailer.

2002: Brad Anderson succeeds founder Richard Schulze as CEO.

2002: Best Buy acquires computer service company Geek Squad.

2003: Best Buy moves into new $160 million, 1.5 million-square-foot corporate campus in Richfield.

2004: Forbes magazine names Best Buy "Company of the Year."

2009: Big-box competitor Circuit City liquidates.

Brian Dunn succeeds Anderson as CEO in June.

Dec. 2011: Best Buy Chairman Richard Schulze receives allegations about Dunn's personal behavior.

March 2012: Best Buy announces plans to close 50 superstores and lay off hundreds.

April 2012: S&P puts Best Buy's corporate credit rating on watch, in line for possible downgrade to "junk" status.

April 10, 2012: Dunn abruptly resigns. The company acknowledges the board's audit committee had initiated an investigation of Dunn; Best Buy director George "Mike" Mikan is named interim CEO.

April 20: Best Buy board names four-member committee to search for new CEO.

May 16: Best Buy board releases results of investigation, says Schulze failed to alert full board to allegations against Dunn.

June 7: Schulze resigns early from board of directors to explore his options; board member Hatim Tyabji is named chairman.

June 27: Best Buy's board rewards company executives with $2 million in retention bonuses.

July 31: Star Tribune confirms that Schulze has recruited former Best Buy CEO Anderson and former president and COO Allen Lenzmeier to join his takeover team.

Aug. 6: Schulze submits a preliminary takeover proposal to Best Buy's board.

Aug. 20: Best Buy announces it has hired Hubert Joly from Carlson Companies as CEO.

Sept. 9: Joly's first day as CEO.

Oct. 10: Joly agrees to let Schulze interview Best Buy executives; Schulze is given until mid-November to submit an official offer for the company.

Nov. 13: Joly meets in N.Y. with analysts.

Looking ahead: Schulze is likely to make a buyout bid by mid-December. If the board rejects the offer, Schulze can make a second bid in January.

PATRICK

KENNEDY

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