Jan 29 (Reuters) - GameStop Corp, the world’s largest video game and gaming console retailer, said it had abandoned its efforts to sell itself after failing to get a potential buyer on favorable terms.

The company said it had held discussions with other firms but did not get financing on terms that would be commercially acceptable to a prospective acquirer.

Like most brick-and-mortar retailers, GameStop has suffered from heightened competition from online companies such as Amazon.com Inc. Game retailers have also had to cope with a decline in physical video game sales.

GameStop sold its Spring Mobile business to Prime Communications LP for $700 million in November. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Shinjini Ganguli)