GameStop’s Board of Directors Have Decided to Not Sell the Company

The Games Retailer Is Also Still Searching for a New CEO

GameStop’s Board of Directors have decided to stop trying to sell the company “due to the lack of available financing on terms that would be commercially acceptable to a prospective acquirer,” according to an official Tuesday press release.

GameStop

The press release also mentioned that GameStop has sold its mobile business, Spring Mobile, for $735 million.

“The Board continues to evaluate the optimal use of these proceeds, which could include reducing the company‚Äôs outstanding debt, funding share repurchases, reinvesting in core video game and collectibles businesses to drive growth, or a combination of these options,” the press release read

“Furthermore, the Board is continuing its search process to appoint a highly qualified, permanent CEO and is working with a leading executive search firm,” it added.

GameStop has been looking for a new permanent CEO since its previous CEO, Michael Mauler, resigned last year. The retailer’s current interim CEO is Shane Kim.

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