GameStop is no longer for sale.
The video game retailer put itself up for sale in June, after financial and legal advisors along with the company’s board reviewed alternatives to enhance shareholder value.
But the company announced Tuesday it’s terminating that process becuase of “the lack of available financing on terms that would be commercially acceptable to a prospective acquiror.”
GameStop recently sold its Spring Mobile business as part of the alternatives, which generated about $735 million in cash. The board is considering using the funds to reduce the company’s outstanding debt, fund share repurchases, reinvest in core video game and collectibles businesses to drive growth or a combination of the options.
A new CEO hunt is also still underway.
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