Gamestop can solve their creditworthiness problem by issuing some equity at these prices.
I don't think they'll find anyone to run it. Gamestop today is no different than Blockbuster was when no one had interest in renting a tape or cd because they could download it instead.
All of todays games are downloaded rather than buying a hardcopy.
Where gamestop made their real money is when you had hardcopies they would buy your old game cartridge from you a resell it. It made up 90% of their profits in the old days. That market is gone.
If GME and management want to be remembered as siding with hedge fund billionaires who are betting their stock will go to 0, over the average retail investor, a.k.a. little guy, then sure, go ahead and sell shares.