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Published: Wednesday, June 20, 2018 @ 9:57 AM
By: Holly Shively - Staff Writer
Popular video game retailer GameStop has confirmed it recently entered talks to sell the company.
GameStop Corp. received buyout interest that resulted in talks with private equity firms about a potential transaction, according to Reuters. Sycamore Partners is reportedly one of the firms that has expressed interest in the retailer.
GameStop has hired a financial advisor to assist in in its discussions with the buyout firms, according to media reports.
“There can be no assurance any agreement will result from these discussions,” a company statement reads. “GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so.”
With the web dominating the video-game industry, GameStop has been struggling. Former CEO Michael Mauler resigned in May after only three months on the job.
Last year, GameStop announced that it would close 150 of its 7,500 stores after a stretch of declining sales. Total global sales for fiscal year 2016 were down almost 14 percent and hardware sales were down 29 percent.
However, fiscal year 2017 sales were up 12 percent and hardware sales were up 44.8 percent.
GameStop has 10 stores in the Dayton area, 22 stores in the Cincinnati region, 15 stores near Cleveland and 20 stores in the Columbus area.
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