Richard Schulze's efforts to take over Best Buy, the struggling electronics retailer he founded nearly 47 years ago, have ended.
Talks between Best Buy and a group comprising Mr. Schulze and three private equity firms have ended, people briefed on the matter told DealBook on Thursday. Discussions could resume at some point, one of these people cautioned.
By the end, Mr. Schulze and the firms — Cerberus Capital Management, Leonard Green & Partners and TPG Capital — had been negotiating to buy a bigger stake in Best Buy that would have added to his roughly 20 percent stake, these people said.
Any prospect of a full takeover of Best Buy had disappeared several weeks ago, they added, after the investor consortium discovered little appetite for the debt that would have been involved in a leveraged buyout.