GameStop Corp. - GME STOCK NEWS

GameStop Corp. has announced the lease of a new 700,000 square foot fulfillment center in York, Pennsylvania, expected to be operational by Q4 2021. This expansion is part of its strategy to enhance its North American fulfillment network, aiming to improve ecommerce capabilities and expedite shipping across the East Coast. The new facility supports the Company's goal to grow product offerings and meet increasing demand.

GameStop Corp. (NYSE: GME) announced the completion of a voluntary early redemption of $216.4 million in principal of its 10% Senior Notes due 2023 on April 30, 2021. This redemption eliminated the company's long-term debt, further strengthening its balance sheet. GameStop is a leading retailer of games and entertainment products, transitioning its business model towards e-commerce alongside its physical stores.

On April 26, 2021, GameStop Corp. (NYSE: GME) announced the completion of its "at-the-market" equity offering program, selling 3,500,000 shares and generating approximately $551 million in gross proceeds. The net proceeds will support GameStop's transformation and strengthen its balance sheet. Additionally, the company is set to redeem $216.4 million of its 10% Senior Notes due 2023, eliminating its long-term debt. These actions reflect GameStop's strategy to enhance its financial position amid ongoing changes in its business model.

GameStop Corp. (NYSE: GME) announces that CEO George Sherman will resign on July 31, 2021, or earlier upon finding a successor. The Board expresses gratitude for Sherman's contributions since April 2019, citing his efforts in stabilizing the company during challenging times, including the COVID-19 pandemic. GameStop's Board has engaged a third-party firm to assist in the search for a new CEO, aiming to find a leader capable of driving the company's transformation amidst changing business needs.

GameStop Corp. (NYSE: GME) announced an irrevocable notice of redemption to eliminate $216.4 million of its 10.0% Senior Notes due 2023 by April 30, 2021. This early redemption, financed through cash on hand, is aimed at strengthening the company's balance sheet and supporting its transformation strategy. The notes will be redeemed at 100% of their principal plus accrued interest. This move marks a significant step in improving GameStop's financial health as it adapts to the evolving gaming market and e-commerce landscape.

GameStop Corp. (NYSE: GME) announced Ryan Cohen will become Chairman of the Board after the Annual Meeting on June 9, 2021. The company is nominating six individuals for the Board, including Cohen. Post-meeting, all directors will receive 100% equity compensation, with individual director pay reduced by about 28%. Jim Grube is appointed to the Strategic Planning and Capital Allocation Committee. GameStop continues to evolve its leadership structure, aiming to enhance its strategic direction and shareholder value.

Atento (NYSE: ATTO) successfully supported GameStop (NYSE: GME) in overcoming pandemic-related challenges by swiftly relocating customer service operations to Guatemala. This transition enabled them to expand services from email support to include chat and voice capabilities, enhancing customer experience. The situation highlights the growing necessity for flexible and innovative customer service solutions as businesses adapt to ongoing changes. Atento, a leader in CRM BPO services in Latin America, continues to evolve its offerings amidst the ongoing pandemic's impact.

GameStop Corp. (GME) announced plans to sell up to 3.5 million shares of its common stock through an at-the-market (ATM) offering. The net proceeds from the sales will be utilized to accelerate the company's transformation and strengthen its balance sheet. Sales will occur at prevailing market prices and will be conducted by Jefferies LLC, who will act as the sales agent. The total gross proceeds from this offering are not expected to exceed $1 billion. This move is part of GameStop's ongoing strategy to enhance its financial position.

GameStop Corp. (NYSE: GME) reported a preliminary 11% increase in total global sales for the nine-week period ending April 3, 2021, compared to the same period in 2020. Sales growth was bolstered by an 18% increase during March 2021. Despite ongoing challenges from COVID-19-related restrictions, the company continues its strategic store optimization, resulting in a 13% decrease in store base. This press release cautions that the sales data is preliminary and may be subject to change, emphasizing the company's adaptive strategies amidst evolving market conditions.