February 2013 promises to be an interesting month at Best Buy following the retailer’s decision to extend the timeframe for company founder and former chairman Richard Schulze to submit a potential buyout offer.

Richard Schulze has moved one step closer to achieving his goal of acquiring Best Buy.

Best Buy co-founder Richard Schulze said Thursday that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."

Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, Reuters reported, citing a person familiar to the situation.