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January 29, 2019 10:50 pm

Game Retailer GameStop Says It Can't Sell Itself, Sees Stock Drive 27 Percent

GameStop announced today that it has called off a decision to find a private buyer for the company and its subsidiaries. "The announcement ushered in the public company's largest stock-value dip in over 10 years, seeing it plummet in one day from $15.49 to (as of press time) $11.28 -- a dive of roughly 27 percent," reports Ars Technica. From the report: The Texas-based gaming retailer had been linked to acquisition rumors, as The Wall Street Journal reported earlier this month that multiple private equity firms had been circling GameStop -- and its subsidiaries, including the merch-focused ThinkGeek and the gaming magazine Game Informer. That report had suggested a deal might close by mid-February. However, Tuesday's statement indicated that prospective deals fell through "due to the lack of available financing on terms that would be commercially acceptable to a prospective acquirer." The rest of the statement offers little clear hint of the company's next steps beyond pumping the cash from a recent subsidiary sale into options such as "reducing the company's outstanding debt, funding share repurchases, or reinvesting in core video game and collectibles businesses to drive growth."

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