Wednesday, January 30, 2019

GameStop Abandons Efforts To Sell Company

Grapevine, Texas-based videogame retailer GameStop said on Tuesday that it has abandoned efforts to sell the company, due to "lack of available financing on terms that would be commercially acceptable to a prospective acquiror." GameStop had said in June of 2018 that it would look at "strategic and financial alternatives", including a sale of the company. In addition to giving up on a sale of the company, GameStop said it is continuing a search process, to find a permanent CEO for the company. The announcement sent GameStop's shares down more than 20% on Tuesday. The firm trades on the NYSE as GME.