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

• GameStop announced Tuesday that it is no longer looking to sell the company, a move initially made by the board of directors in June following some C-suite re-shuffling.
• After Tuesday's announcement, GameStop shares plummeted more than 27%.
• The gaming store has been suffering for some time now as its game software sales have continued to slip, according to Fortune.
• We recently visited a GameStop store, and while there were plenty of people shopping there, we saw how its business model could suffer in a new era of video gaming.

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