GameStop confirms sale talks

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GameStop confirmed Tuesday morning that it is in exploratory discussions with third parties involving a potential sale.

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GMEGAMESTOP CORP4.32+0.12+2.86%

The company’s confirmation comes less than a day after rumors of the potential deal surfaced. As reported by Reuters, the video game and electronics retailer held talks with private equity firms about a potential transaction after receiving buyout interest. According to people familiar with the matter, the company hired a financial adviser to assist in the discussions.

GameStop has been dealing with increased competition from customers opting to purchase video games and electronics online from companies such as Amazon.

GameStop’s shares closed up almost 9% on Monday, boosted by the rumor alone of a potential transaction