Former GameStop CEO Michael Mauler recently resigned from his position, three months after taking the position.
Pachter said that lenders may see future video game streaming services as a threat to the prominence of physical sales that GameStop relies on.
Wedbush Securities analyst Michael Pachter told entertainment industry news website Variety that he believes GameStop may have found investors, but it may have been unable to find lenders to invest in the company.
The confirmation came after news agency Reuters reported the day before that the company was in talks with private equity firms regarding a buyout.