GameStop shares sunk more than 27%. Photo: Smith Collection/Gado/Getty Images.

GameStop, a Grapevine, Texas-based video game retailer, said it has abandoned efforts to sell the company after failing to get an adequate bid, sending shares down more than 20%.

Why it matters: Because this seems to validate short-seller arguments that physical retail for video games is anachronistic, as more and more product is downloaded directly via mobile and consoles. There had been some hope that a buyer would bet on increased interest in things like VR hardware and collectibles, but apparently not.

GameStop shares sunk more than 27% on the news, giving it a market cap of just $1.15 billion. Overall, company shares have lost more than 75% of their value since late 2015.

The bottom line: Video game stores are the new record stores.

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In pictures: Storm Zeta churns inland after lashing Louisiana

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Tropical Storm Zeta has killed at least two people, triggered flooding, downed powerlines and caused widespread outages since making landfall in Louisiana as a Category 2 hurricane on Wednesday.

The big picture: A record 11 named storms have made landfall in the U.S. this year. Zeta is the fifth named storm to do so in Louisiana in 2020, the most ever recorded. It weakened t0 a tropical storm early Thursday, as it continued to lash parts of Alabama and the Florida Panhandle with heavy rains and strong winds.