Best Buy Narrows loss

Best Buy, largest world consumer electronics chain, said on Friday, it lost 409 million $, or $1.21 per share, in the fourth quarter ended February 2, compared to a loss of 1.82 billion $, or $5.17 per share, a year earlier.

On an adjusted basis, earnings from continuing operations decreased to $1.64 per share, from $2.18 a year earlier.

Revenue increased only 0.2 percent to 16.71 billion $.

Separately, the efforts of Richard Schulze seize from Best Buy, which he founded nearly 47 years ago have ended.

Talks between Best Buy and a group consisting of Mr. Schulze and three private equity firms have ended, people briefed on the issue, say the New York Times Thursday.

Mr. Schulze, who had made an informal proposal to buy Best Buy for a share of $ 24 to $ 26 last August, does not have to align necessary debt and the equity, according to the sources.