Reuters reported last June GameStop was pursuing a sale of itself with private equity firms but after months of discussions and consultations with advisers it has now "terminated efforts to pursue a sale."
The company cited a "lack of available financing on terms that would be commercially acceptable to a prospective buyer."
GameStop is the largest specialty retailer of video games in the U.S., but continues to struggle against online e-commerce companies like Amazon.com, Inc. (NASDAQ: AMZN ), Variety reported .
In fact, Amazon offers video gamers more competitive pricing and the ability to ship directly to consumers.
GameStop's management and board of directors are now in the process of evaluating how to best use the $735 million in cash proceeds it gained from divesting its Spring Mobile business.
The board of directors is also in the process of searching for a "high qualified, permanent" CEO.
- Investors can hit the targets by looking at this: Globalstar, Inc. (GSAT ...FinBulletin
- GameStop Corp. (GME): Limiting Risk In A Volatile MarketThe RNS Daily
- Investors Smitten By Globalstar, Inc. (GSAT), GameStop Corp. (GME)GV Times
- GameStop says it's no longer for sale, stock promptly plummetsMarketWatch
- GameStop Corp. (GME) Shares Sold by Cubic Asset Management LLCFairfield Current
- Wedbush Analysts Give GameStop (GME) a $18.00 Price TargetBaseball Daily News
- Robert W. Baird Downgrades GameStop Corp. (NYSE:GME) From Outperform To NeutralWall Street Intellects (blog)
- Ichimoku Under Review for GameStop Corp. (NYSE:GME): Cloud Conversion Line ...Richland Standard
- How Are GameStop Corp. (GME) EPS Outlook Changing For 43556?Analyst Journal