The Video Game retail store GameStop is attempting to find a buyer. Reuters originally reported that the company is talking with private equity firms after receiving interest in a buyout. GameStop has also hired a financial advisor, as it attempts to stay afloat as they continue to see sales fall.
Right now GameStop is only hosting talks and is unsure on whether they will sell or not. Company shares rose as news of a possible sale broke. Talks began as the company received a letter from Tiger Management LLC, which is demanding changes at the company and a full strategic review. GameStop is struggling to find a way to survive the constant change in consumer shopping styles.
Company executives released an official statement confirming they were holding discussions but have not committed to selling and made no further comments until they deem it is appropriate to do so. GameStop share prices have continued to fall this year.
Gamespot reported that corporate stock fell more than 32 percent over the last 12 months. Newly appointed CEO Michael Mauler announced his departure after only serving three months. GameStop appointed former Xbox executive Shane Kim as interim CEO. The news comes as GameStop has had to deal with a massive credit card breach and the constant struggle to survive in an evolving digital market.