Olivia Oran and Jessica Toonkel at Reuters spoke with five sources "familiar with the matter" who all say that Schulze's bid is in trouble.
Schulze originally tried a full takeover bid, but that failed, so he went to a backup plan.
Over the past few weeks, Schulze has been trying to get private equity firms on board to buy a non-controlling stake in Best Buy.
But that might not pan out either.
Schulze has until Thursday to submit a bid to the Best Buy board. The company has postponed its fiscal Q4 earnings release by one day to wait for Schulze's bid.
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