Report: Nobody Wants GoPro

(RTTNews) - GoPro Inc. (GPRO) is reportedly struggling to find a buyer for its operations.

According to the New York Post, the struggling action-camera maker has failed to attract serious interest from any bidders after hiring J.P. Morgan last year to explore a possible sale.

GoPro's Founder and CEO Nick Woodman had announced in January that the company was open to a sale. Woodman also confirmed the hiring of J.P Morgan to assist finding potential bidders.

However, according to NY Post's source, "no one wants to touch GoPro." While, another source said the "A lot of people have kicked the tires and Nick Woodman is a complicated guy."

In January, GoPro announced that it is shutting down its drone business and laying off 20% of its staff due to weak demand for its products. The company had previously announced a layoff of about 200 employees in November of 2016.

The company decided to stop its production because of highly competitive market for drones that affected its profit margin. Hostile regulatory environment in Europe and the United States has also weighed upon its decision.