Monday, 22 April, 2019

GameStop Is Reportedly Looking For A Buyer

GameStop's Stock, GME, Jumps 8% on Reports of Sycamore Partners Buyout Exclusive: GameStop in talks with buyout firms after drawing interest - sources
Priscilla Morrison | 20 June, 2018, 00:58

The video game/electronics/comic book retailer GameStop Corp is considering a possible buyout, according to Reuters.

The GameStop store sign is seen at its shop in Westminster, Colorado January 14, 2014.

Founded in 1984 and once a mainstay for gamers, GameStop has struggled to cope with competition from online retailers like Amazon and digital distribution platforms including Steam, even after several attempts to diversify its business model. TechCrunch has also contacted GameStop.

While it is not yet certain if GameStop will follow through with a sale, the company's stocks rose 11% on Monday, after rumors of a buyout started. The news outlet reports that GameStop executives are meeting with various private equity firms regarding selling a controlling interest in the company.

There is no guarantee the talks will result in GameStop deciding to sell itself, the people cautioned.

More news: Several Injured After Reports Of "Minor Explosion" At Southgate Tube Station

Sycamore Partners said it has no comment. Around that time, CEO Michael Mauler also resigned after only three months in the position, citing personal reasons.

This comes one month after former Microsoft executive/board director Shane Kim was appointed interim CEO of GameStop.

While its used-game niche has helped the company, this model has also been challenged as games developers including Electronic Arts Inc, Sony Corp and Microsoft Corp have each launched plans to offer monthly streaming services for numerous older titles they own. In an earlier report, a letter from major GameStop shareholder Tiger Management LLC indicated that investors have been calling for changes at the company.

The latest news has been viewed positively by investors, who have been vocal in questioning the company's strategic direction.

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