<P> The market for physical game media has been in a state of decline since online services such as Xbox Live, PlayStation Network, and Steam have taken foothold, and GameStop, whose business was long rooted in new and pre-owned software, has begun feeling the effects of the changing market . In 2017, GameStop reported a 16.4% drop in sales for the 2016 holiday season, but expressed optimism in its non-physical gaming businesses . Reasons cited for the decline in sales included industry weakness, promotional pricing pressure, lower in - store traffic, and a near - monopolization of the physical games industry leading to customer dissatisfaction . </P> <P> Shares of GameStop stock fell 16% throughout 2016 . On February 28, 2017, shares dropped an additional 8% following Microsoft's announcement of its Xbox Game Pass service . Following these reports, GameStop announced it would close over 150 stores in 2017 and expand its nongaming business . On the same day, however, GameStop said it planned to open 65 new Technology Brand stores and 35 Collectibles stores due to a 44% and 28% increase in sales, respectively . GameStop expects a continued drop in operating income between 3% and 10% in 2017 . </P> <P> Paul Raines notified GameStop of his resignation on January 31, 2018 . Raines had been on medical leave since November 2017 . He had a medical reoccurrence of a brain tumor, and later died on March 4, 2018 . DeMatteo, GameStop's executive chairman stepped in as interim chief executive officer . On February 6, 2018 the company announced Michael K. Mauler as the new CEO and new member of the board of directors . On May 11, 2018, Mauler resigned due to "personal reasons" and appointed Dan DeMatteo as interim CEO . Mauler did not take any severance package or separation benefits . On May 31, 2018, GameStop named Shane Kim as interim CEO . </P> <P> In late June of 2018, GameStop confirmed talks of a possible sale, with Sycamore Partners, a private equity firm in New York, the most likely buyer . </P>

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