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Back in June 2018, GameStop began exploring options for a buyout. However, in a recent press release, the company announced that the search for a buyer has ceased, citing "lack of available financing on terms that would be commercially acceptable to a prospective acquiror."
GameStop doesn't elaborate on what exactly that means, but as The Motley Fool highlights, it's likely a combination of unfavorable interest rates and GameStop's significant long term debt.
In a time when digital distribution and the advent of game streaming is eroding physical sales of games, and diluting the pre-owned market, it's likely potential buyers don't see GameStop as a viable investment. GameStop also didn't lay out what the lack of a buyer means for the company; suffice it to say, their long term viability is in question. GameStop did divest their Spring Mobile Business, and the resulting transaction brought in around $735 million for the company. GameStop is evaluating how to best invest those proceeds.
GameStop is also without a CEO, after Michael Mauler left after only three months on the job. GameStop asserts that "the Board is continuing its search process to appoint a highly qualified, permanent CEO and is working with a leading executive search firm."
After the announcement, GameStop's stock price took a nosedive, hitting a 14-year low.