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GameStop

GameStop

GameStop is an American consumer electronics and video game company.

Overview

GameStop is an American consumer electronics and video game company. The company has been a major video game retailer since the early 2000s, with steady decline to the company in the 2010s as video game sales shifted away from physical locations to online stores.

GameStop's stock price skyrocketed in 2021 due to a short squeeze, orchestrated and managed by the Reddit subreddit r/wallstreetbets.

History

GameStop began as Babbage's, a Dallas-based software retailer founded in 1984 by James McCurry and Gary Kusin. The original company merged with Software Etc., in 1994, granting both companies shares of a newly formed NeoStar Retail Group. Leonard Riggio, founder of Software Etc. and shareholder of Barnes & Noble, purchased the company's assets, dissolved the NeoStar holding company, and renamed the company under Babbage's Etc.

Barnes & Noble Booksellers purchased the company in October 1999 for $215 million USD. Acquisitions of Funco and Game Informer came in 2000, merging the companies into Funco, which was renamed to GameStop, Inc. in December 2000. GameStop went public in February 2002 on the New York Stock Exchange under the ticker symbol GME.

GameStop achieved retail success and public use in the early 2000s, operating across the entire United States and worldwide through acquired brands EB Games, Rhino Video Games, Micromania, and ThinkGeek.

The brand has seen a steady decline since the early-to-mid 2010s, cited as a result of the transition of video game sales from physical locations to online storefronts. The company reported over a 16% drop in sales for the 2016 holiday season, with its overall stock also dropping 16% in 2016. GameStop stock hit a 14-year low at $11.16 on January 29, 2019 as the company said it was no longer for sale.

Short Squeeze

GameStop stock skyrocketed in January 2021, after members of an online Reddit forum r/wallstreetbets noticed the company was one of the most shorted stocks on the New York Stock Exchange. As a result, millions purchased shares, leading to a 1,500% increase in the share price to an all-time high of $483 USD.

Timeline

July 8, 2022
GameStop launches a wallet for cryptocurrencies and NFTs.
July 8, 2022
GameStop appoints Matt Francis as their Chief Technology Officer.
February 3, 2022
GameStop launches an NFT marketplace on Immutable X and creates a $100M dev fund.
February 24, 2021
GameStop shares surge 100% one month after it was discovered and widely shared online that the stock was heavily shorted.
February 23, 2021
GameStop announces the sudden departure of its CFO, Jim Bell.
January 2021
Due to Reddit forum r/wallstreetbets, GameStop stock jumps more than 1900% from early January prices, to a closing price of over $340 per share.
2020
Activist investor Ryan Cohen buys a stake in GameStop and becomes a member of the company's board.
June 2018
GameStop announces that it is in "exploratory discussions" with potential buyers.
May 23, 2005
GameStop was founded by Daniel A. DeMatteo, Leonard Riggio and Richard Fontaine.
December 2000
Funco is renamed to GameStop, Inc., ahead of the initial public offering of the company.

Acquisitions

Patents

Further Resources

Title
Author
Link
Type
Date

How A Battle Between Wall Street And Reddit Users Made GameStop Stock Skyrocket | Forbes

Web

January 28, 2021

News

Title
Author
Date
Publisher
Description
August 29, 2021
Gaming Intel - Esports & Video Games News
If you're looking for a Limited Edition Halo Infinite Xbox Series X, we've got Best Buy, Amazon, GameStop restocks from August 30-September 5
Matt Swider
August 14, 2021
TechRadar India
The PS5 restock situation has improved dramatically in the US, according to our restock exper. Stores like Walmart and Best Buy had lots of stock this week.
Matt Swider
July 27, 2021
TechRadar
GameStop is ready to launch new orders for the Sony PS5 console. Here's when you can get the PS5 restock from GameStop.
July 4, 2021
Gaming Intel - Esports & Video Games News
Here's everything we know about upcoming PS5 restocks at Target, Best Buy, Antonline, GameStop, & more in the week running July 5-11.
July 4, 2021
Gaming Intel - Esports & Video Games News
Here's everything we know about upcoming Xbox Series X/S restocks at Best Buy, Target, GameStop, Antonline, & more from July 5-11.
SHOW MORE

References

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