GameStop’s board of directors ended the company’s effort to sell itself, which began last June, after holding discussions with third parties about a sale, the company announced Tuesday. The board ended the process "due to the lack of available financing on terms that would be commercially acceptable to a prospective acquiror," according to the announcement.
GameStop did close its sale of the Spring Mobile stores, which brought in $735 million in cash. The company is still looking for a CEO, and reported a rough quarter in its most recent report, booking a $587 million charge (see "GameStop Takes $587 Million Charge, Lowers Guidance").
The underlying problem is the migration online of sales in GameStop’s core category of packaged vidoegames. It’s been trying to expand sales of merch and tabletop games to compensate, but it’s been having trouble keeping up.
Investors didn’t like the news; GameStop’s share price dropped 27% after the announcement.
'Due to the Lack of Available Financing'
Posted by Milton Griepp on January 30, 2019 @ 9:09 am CT
MORE GAMES
Summer 2025
January 4, 2025
Bandai will release a Fullmetal Alchemist booster set for Union Arena TCG in Summer 2025.
For 2025 Competition at Adepticon
January 4, 2025
Game Workshop has announced changes to its Golden Demon painting competition, which will take place first at Adepticon in Milwaukee in March.
MORE NEWS
In March
January 3, 2025
The Pokemon TCG: 2024 World Championship Decks, replicas of the decks used by the four finalists of the 2024 Pokemon TCG World Championships, will be released to retail on March 7, 2025.
Introducing the Modern Era of DC's Antihero Team
January 3, 2025
The omnibus collects Ostrander’s relaunch of the antihero team.