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Best Buy timeline

  • June 7, 2012 - 9:43 PM

 

Richard Schulze

1941: Born in St. Paul.

1958: Graduates from St. Paul Central High School.

1960: Begins selling electronics for his father's company, Northern States Distributing.

1966: He and a business partner found an electronics store called Sound of Music and expand to three stores in three years.

1981: After a tornado, Schulze sells discounted goods at his Roseville store, making so much money that he rethinks his business strategy.

1983: Opens a superstore in Burnsville under a new name, Best Buy.

1985: Best Buy raises $8 million in an initial public offering.

1992: Sales top $1 billion.

1995: Best Buy makes the Fortune 500 largest U.S. companies.

1999: Schulze makes Forbes 400 list of richest Americans.

2000: Schulze family gives $50 million to the University of St. Thomas.

2001: His wife, Sandra, dies of cancer.

2002: Schulze leaves the CEO post but stays on as chairman. Brad Anderson succeeds him.

2005: Schulze pledges $49 million for cancer research at Mayo Clinic, where Sandra Schulze was treated.

2008: Schulze family pledges $40 million to the University of Minnesota for diabetes research.

2009: Brian Dunn named CEO.

2012: Dunn is ousted over relationship with a female subordinate. Schulze, forced to step down as chairman, decides to immediately leave the board.

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