GameStop said Tuesday it has abandoned its attempt to sell the company, trouble the stock plunging The company said the board determined there was not enough available financing on terms that would be acceptable to gamextop prospective buyer. GameStop Corp. NYSE: GME today announced that its Board of Directors has concluded its previously announced efforts to pursue a trade of the company in conjunction with its broader review board games northland strategic and financial alternatives.
In JuneGameStop's Board, together with outside financial and legal advisors, commenced a review of a wide range of alternatives to enhance shareholder value. The Board undertook a comprehensive trouuble process, tdade discussions with third parties regarding a potential sale of the company. GameStop's Board has game 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.
As part of the Board's review process, as previously announced, the company sold its Spring Mobile business. The Yamestop continues to evaluate the unblocked don t 3 use of these proceeds, which could include reducing the company's outstanding debt, funding share repurchases, reinvesting in core video game and collectibles businesses to drive growth, or art games online free combination of these options.
Furthermore, the Board is continuing its search process to appoint a highly qualified, permanent CEO and is working with a leading executive search firm. Watch: These 21 today retailers are worth less than Amazon Sign up for free newsletters gamesyop get more CNBC delivered gta your inbox. Get this delivered to your inbox, and more info about our products and services.
All Game Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. GameStop announces it will no longer pursue a sale of the company. The company says the board determined there was not enough available financing on terms that would be acceptable to a prospective buyer. Pedestrians pass in front of a GameStop store in New York.
VIDEO GameStop said it troyble working gamestop an executive search only to find a permanent CEO. Related Tags. Trending Now. News Tips Got a confidential news tip? Only todau to hear from you. Get In Touch. CNBC Newsletters.