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We went shopping at GameStop and saw why it's struggling in a new era for video games

gamestop video games 32

GameStop announced in a press release on Tuesday that it is no longer looking to sell the company due to a "lack of available financing on terms that would be commercially acceptable to a prospective acquiror."

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The announcement comes after the gaming store's board of directors initially began looking for potential buyers in June.

Following Tuesday's announcement, GameStop's shares plummeted more than 27%.

The company has been struggling in recent years. At the beginning of the month, it reported that sales were down 5% in the nine-week holiday period, and its game software sales have slipped.

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The company recently sold its Spring Mobile business, raking in approximately $735 million, according to a press release. The company is also still searching for a full-time CEO after former CEO Michael Mauler resigned for personal reasons in May, after three months on the job.

We visited a GameStop location in San Francisco, California, on the day that the board announced it is no longer selling the company.

Here's what it was like.

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

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Source: IGN and Fortune

Katie Canales/Business Insider

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Steve Marcus/Reuters

Source: Fortune

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Source: TechCrunch

Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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Katie Canales/Business Insider

Katie Canales/Business Insider

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Katie Canales/Business Insider

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SEE ALSO: We visited a Claire's store the day the teen retailer filed for bankruptcy

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