GameStop halted efforts aimed at a potential sale after failing to secure financing on “commercially acceptable” terms, the company said.

The company had been conducting a strategic review since last June that potentially would lead to the sale of its businesses. GameStop completed the $735 million sale of its Sprint Mobile business to AT&T reseller Prime Communications earlier this month, with part of the proceeds being “reinvested” in the GameStop’s collectibles business, it said.

GameStop had been under pressure from shareholder Tiger Fund Management for much of the past year to review its business with an eye toward a potential sale. Private equity firm Sycamore Partners was among those interested in buying GameStop and taking it private.

GameStop will now focus on hiring a new CEO, a post that has been filled on an interim basis by former CEO Daniel DeMatteo since Michael Mauler resigned in May.

Contact:

GameStop, Robert Lloyd, CFO, 817-424-2000, robertlloyd@gamestop.com