We went shopping at GameStop and saw why it's struggling in a new era for video games

gamestop video games 32

GameStop announced in a press release on Tuesday that it is no longer looking to sell the company due to a "lack of available financing on terms that would be commercially acceptable to a prospective acquiror."

The announcement comes after the gaming store's board of directors initially began looking for potential buyers in June.

Following Tuesday's announcement, GameStop's shares plummeted more than 27%.  

The company has been struggling in recent years. At the beginning of the month, it reported that sales were down 5% in the nine-week holiday period, and its game software sales have slipped.

The company recently sold its Spring Mobile business, raking in approximately $735 million, according to a press release. The company is also still searching for a full-time CEO after former CEO Michael Mauler resigned for personal reasons in May, after three months on the job.

We visited a GameStop location in San Francisco, California, on the day that the board announced it is no longer selling the company. 

Here's what it was like.

SEE ALSO: We visited a Claire's store the day the teen retailer filed for bankruptcy

We went to a GameStop store near San Francisco's Union Square, a shopping center often frequented by locals and tourists alike.



Life-sized characters filled the windows.



We stopped in around 6 p.m. on a weeknight, and the store was fairly filled with customers.



See the rest of the story at Business Insider


from Tech Insider https://read.bi/2Tq1Bzx

Comments

  1. AkshayAugust 7, 2020 at 5:36 AM

    What is stopping you from becoming a pro in your favorite game? Your gadgets, then this is the right time to get yourself some new gears from the Gamestop Labor Day Sale 2020

    ReplyDelete

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