GameStop in talks about possible sale
GameStop Corp. has confirmed it is exploring a possible sale.
The video game retailer said Tuesday that it is in “exploratory discussions” with third parties regarding a potential transaction. The announcement comes after Reuters reported that GameStop was in talks with private equity firms after receiving buyout interest and had hired a financial advisor to assist in its discussions.
“There can be no assurance any agreement will result from these discussions,” the retailer stated. “GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so.”
GameStop’s core business has been challenged in recent years with increased competition from Amazon and other online marketers. It also has faced a decline in game sales as video gaming has increasingly moved to the digital realm.
In addition to holding discussions about a potential same, GameStop is also on the hunt for a new chief executive to replace Michael Mauler, who resigned in May after only three months on the job. (Board member and GameStop co-founder Daniel DeMatteo is serving as interim CEO.)
GameStop operates over 7,200 stores across 14 countries.
The video game retailer said Tuesday that it is in “exploratory discussions” with third parties regarding a potential transaction. The announcement comes after Reuters reported that GameStop was in talks with private equity firms after receiving buyout interest and had hired a financial advisor to assist in its discussions.
“There can be no assurance any agreement will result from these discussions,” the retailer stated. “GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so.”
GameStop’s core business has been challenged in recent years with increased competition from Amazon and other online marketers. It also has faced a decline in game sales as video gaming has increasingly moved to the digital realm.
In addition to holding discussions about a potential same, GameStop is also on the hunt for a new chief executive to replace Michael Mauler, who resigned in May after only three months on the job. (Board member and GameStop co-founder Daniel DeMatteo is serving as interim CEO.)
GameStop operates over 7,200 stores across 14 countries.