(Bloomberg)—GameStop Corp. is reportedly working with Perella Weinberg Partners to explore a possible sale of the embattled video game chain.
The retailer, the subject of takeover speculation for months, is now running a formal auction, according to DealReporter, which cited unidentified people familiar with the situation. The private equity firms Sycamore Partners and Apollo Global Management are GameStop’s two main suitors, DealReporter said.
The report rekindled investor hopes that a buyout could bring them a payday following a five-year stock slide. The company said in June that it was holding “exploratory discussions” with third parties about a potential deal. But it warned at the time that the talks could lead nowhere, and shareholders have been waiting for an update.
The Grapevine, Texas-based company has been struggling to remain relevant in an era when more and more gamers download their software, rather than buy it at a store.
GameStop is No. 40 in the Internet Retailer 2018 Top 500.
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