Best Buy (BBY) founder and the electronics retailer giant’s largest shareholder Richard Schulze will begin selling an undisclosed amount of its stock beginning in October.
Fox Business reports that, according to regulatory filings, Schulze will be able to sell shares through March 2014, with no official timing to when the shares are to be sold.
In the filing, Schulze stated that “The stock sales … are part of his personal long-term strategy for asset diversification and liquidity.”
Schulze, who owns some 20 percent of the company, returned to the company as chairman emeritus with no official power on the board. Last year he proposed a buyout of the company but was unable to make the move financially.
Despite the odds stacked against it, Best Buy has managed to hang on financially — and even surge in its stock prices — at a time when showrooming was supposed to put it out of business.
Credit goes in part to its online sales and shuttering larger stores in favor of the smaller Best Buy Mobile locations.
At the same time, the moves seem largely a way to mostly keep the company afloat, while the long-term forecast has yet to be set.