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As reported by CNBC here:

Basically, nobody can finance the deal on reasonable terms, so they aren't getting good offers.  At least, that's what I get from reading between the lines.  Experience tells me that the reason prospective buyers can't get acceptable financing terms is that lenders see too much risk of bankruptcy in GameStop.  So, this is significantly bad news for gaming retail in the medium term.

Edit to add/clarify:  Saying that lenders see bankruptcy in the future is probably an oversimplification.  It's more likely that lenders see few good options to long term profit growth, and/or insufficient free cash flow to service a bunch of new debt.  Put another way - lenders likely see adding *new* debt as a path to bankruptcy, not that Gamestop is unable to service existing debt.  

Last edited by VAMatt - on 29 January 2019