GameStop Abandons Search for Buyer

GameStop (Grapevine, Texas) has ended its efforts to find a buyer to acquire the chain.

Citing a “lack of available financing on terms that would be commercially acceptable to a prospective acquiror,” the company has ended the search it began in June to review a wide range of alternatives, according to Retail Dive. 

However, that review did result in the successful sale of GameStop’s Spring Mobile business, which closed earlier this month and generated about $735 million in immediate cash proceeds. The company is now considering what to do with that money, which it could apply toward reducing debt, funding share repurchases, as well as reinvesting in its core video game and collectibles businesses.