In a step that moves him much closer to his goal, founder Richard Schulze and Best Buy announced an agreement to allow Schulze to form an investment group interested in purchasing the company.

The agreement will also give Schulze access to confidential company financial statements, that will allow him to get a better idea of the embattled company’s current financial state.

The news sent Best Buy shares up just more than 3 per cent Monday to close at $17.87 per share.

The agreement is the first step toward Schulze going ahead with an official bid for the company. Schulze has previously mentioned paying $24-26 per share for the electronics retailer.

That would value the struggling company at a moderate premium over it’s current market price.
   
Analysts lauded the move as a good step for Schulze, who will now be in a stronger position to raise capital from private investors.

Best Buy stores have become decreasingly profitable in recent years, with customers increasingly using the stores to browse for electronics before ordering them online for cheaper.

Big objects like large TVs and desktop computers are also not selling as well as in recent years, with consumers preferring smaller gadgets like cellphones and tablets.

The recent appointment of Hubert Joly as CEO did not inspire shareholders, either, with shares falling more than 10 per cent following the announcement. While Joly is known as a turnaround expert, investors had been hoping for an executive with more prior retail experience.

Best Buy’s most recent quarterly results have shown weakness with sales lower in China, Canada and Europe.