Bloomberg News

Shares of GameStop Corp. (GME - Get Report)   tumbled on Tuesday after the company announced it will not pursue a sale. 

The stock dropped 27.2% to close at $11.28. 

"GameStop today announced that its Board of Directors has concluded its previously announced efforts to pursue a sale of the company," the company said in a press release Tuesday morning. GameStop said it halted efforts "due to the lack of available financing on terms that would be commercially acceptable to a prospective acquirer."

The company began a strategic review in June of 2018, with a possible sale as part of that process.

The company did complete the sale of its Spring Mobile business for $735 million earlier this month. The proceeds will be used for paying down debt, share buybacks, investments into the core business, or a combination of these options. 

GameStop also said it is searching for a new CEO to replace interim CEO Shane Kim. Previous CEO Michael Mauler stepped down abruptly in May.  

The stock closed at $15.50 Monday. It was at $17.15 at the end of January last year, and then fell to $12.85 by mid June after having announced a loss per share of $4.78. The stock popped to $15.75 later that month as the company announced hopes to sell. 

The stock is up 18.5% year-to-date.