GameStop Has Given Up Trying to Sell Itself to Another Company
Despite ongoing rumors of a potential sale, GameStop has now stopped looking to sell the company.
For a few weeks now, rumors have been swirling that video game retail outlet GameStop could soon find itself being purchased by another company. Well, it seems like that move is now no longer in the cards.
GameStop announced this morning that the company is no longer looking for a sale essentially because of the lack of viability that outside purchasers saw the company having in the long term. “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,” they stated today.
Basically, all potential buyers of GameStop didn’t see it as a good investment, which comes as no surprise. GameStop has struggled to accrue net positives in money made as of late despite an increase in total sales, which just goes to show how broken the company’s business structure pretty much is. Plus, with the advent of digital marketplaces growing even more and more, the viability of GameStop years from now just seems to be growing more and more dismal.
As of this writing, GameStop’s stock has plummeted following this morning’s announcement and is currently sitting at $11.47 per share. It remains to be seen what the future of the company now holds without an outside business stepping in to breathe new life into the retailer. 2019 seems like it will definitely be a make or break year for GameStop and it will be interesting to see what decisions are made moving forward to keep it afloat.