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GameStop No Longer For Sale, Stock Drops in Response

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Remember how GameStop was being courted by two different companies to be purchased? Not anymore, as they have taken themselves off the table. The company did so citing a "lack of available financing on terms that would be commercially acceptable to a prospective acquirer." Which, according to a couple of websites, meant that while they were able to find investors, they were not able to find viable lenders who would have invested in the company. In response, the stock market showed that the company stock (as of the time we're writing this) has dropped 27%.

GameStop No Longer For Sale, Stock Drops in Response

The strategy, for the time being, appears to be that the company will be seeking out a new CEO. Board member and GameStop co-founder Daniel DeMatteo took over the gig in May 2018 to serve as the interim CEO, filling the void after the previous CEO, Michael Mauler, bailed and abruptly resigned after only having the job for three months. We'll keep an eye on things and see how it pans out, but in situations like this, you might expect some closures before year's end unless the company has a drastic change of pace.

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Gavin SheehanAbout Gavin Sheehan

Gavin is the current Games Editor for Bleeding Cool. He has been a lifelong geek who can chat with you about comics, television, video games, and even pro wrestling. He can also teach you how to play Star Trek chess, be your Mercy on Overwatch, recommend random cool music, and goes rogue in D&D. He also enjoys hundreds of other geeky things that can't be covered in a single paragraph. Follow @TheGavinSheehan on Facebook, Twitter, Instagram, and Vero, for random pictures and musings.
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