After months of seeking a buyer, GameStop has ended its attempt to sell the company. The Board of Directors determined there was not enough available financing on terms a prospective buyer would accept.
Private equity firms Sycamore Partners and Apollo Global Management had been among the groups initially expressing interest in taking the 7,000+-store retailer private, but neither made a bid. Despite being one of the brick-and-mortar retailers in the U.S., the video game retailer has struggled with its relevance in an era of digital game sales, even as it made a push into the collectibles business.
The Board’s decision has sent GameStop stock in a freefall — down more than 27% by noon ET on Jan. 29.
While the company remains in limbo, so does its leadership. GameStop is working with an executive search firm to find a permanent CEO, which it…