AC

intro: With news that Best Buy's largest shareholder, founder and chairman Richard Schulze, has resigned from the retailer's board, Best Buy's future may hang in the balance even more than previously. With competitors like Amazon, Walmart, and Costco offering lower prices, Best Buy's sales have floundered. The company announced in March the closure of 50 stores. Shares of Best Buy closed up 2.25 percent on Friday to $19.98. Its 52-week high is $32.85. Schulze, 71, controls 20.1 percent of Best Buy shares and has the ability to move the company toward becoming a private firm. Until 2002, Schulze was Best Buy's CEO, chairman and director for 36 years. Last month, Best Buy announced Schulze would step down as board chairman in June 2012 after the company discovered he failed to inform the board about the allegation former CEO Brian Dunn had an inappropriate relationship with a female employee. Serving as interim CEO is Mike Mikan, who was a Best Buy director since April...