5 steps to a better Best Buy

The five-point plan the troubled electronics retailer's founder hopes will turn things around.

Bad to worse
Bad to worse

Best Buy is in bad shape. The electronics retailer is still Valhalla to nerds and technophiles, but its corporate house is in disorder. Capping a tumultuous summer, the company's founder Richard Schulze offered last week to take the electronics retailer private at $24 to $26 a share. (Schulze had stepped down as chairman in June after a scandal involving his knowledge of the former CEO's alleged relationship with a female employee.) Schulze's offer represents a price at least 36% higher than Best Buy's closing price Aug. 3. The midpoint of the offer values the company at about $8.5 billion.

While it remains unclear what will ultimately happen, it is clear Best Buy is in trouble. It faces pressure to close stores as sales lag as well as cutthroat competition from online retailers such as Amazon. Here are five elements of a possible turn around strategy for the struggling company.

- Last updated August 12 2012 07:39 PM ET
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