GameStop, the largest brick-and-mortar video games retailer in the United States, has confirmed they are in talks with private firms about a potential buyout.
The retailer has reportedly struggled to remain relevant in the wake of digital game sales and popular online retailers such as Amazon. Its stock has slid over 32% in the past year and its market capitalization us down to $1.4 billion.
GameStop reported a net loss of $105.9 million for the 2017 fiscal year, and with profits dwindling the company is in need of new direction to turn it around. The company’s stocks rose 11% on Monday after rumors of a buyout started.