While GameStop was previously looking for a buyer, the company has officially abandoned their plans to sell.
“GameStop’s Board has now terminated efforts to pursue a sale of the company due to the lack of available financing on terms that would be commercially acceptable to a prospective acquiror,” the company said in a press release.
Private equity firms Apollo Global Management and Sycamore Partners were reportedly in talks to acquire the brick and mortar store chain earlier this month. Previously, investor demand led to the company exploring the possibility of being acquired, alongside other changes like the selling of its Spring Mobile business, acquiring ThinkGeek, and more.
The company had previously put a big focus on mobile sales, a focus that clearly didn’t pay off. After selling Spring Mobile away, they’re now re-focusing on their core video game sales, as well as game merchandise.
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