Gamestop Corp Stock Price, News & Analysis

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.

GameStop Corp. announces key executive appointments aimed at enhancing its transformation efforts. Elliott Wilke has been named Chief Growth Officer, effective April 5, 2021, bringing extensive experience from Amazon. His role will focus on growth strategies and customer loyalty initiatives. Additionally, GameStop has appointed Andrea Wolfe as Vice President of Brand Development and Tom Petersen as Vice President of Merchandising, both starting March 29, 2021, to bolster branding and merchandising efforts.

GameStop Corp. has announced the appointment of Jenna Owens as Chief Operating Officer, effective March 29, 2021. Owens, with nearly 20 years of experience in technology and supply chain, previously worked at Amazon and Google. Additionally, GameStop has hired Neda Pacifico as Senior Vice President of E-Commerce and Ken Suzuki as Vice President of Supply Chain Systems, both starting on March 29, 2021. These hires aim to enhance GameStop's operational capabilities and digital transformation.

GameStop Corp. (NYSE: GME) reported a 6.5% increase in comparable store sales for Q4 2020, with global e-commerce sales soaring 175%. Despite net sales falling to $2.122 billion from $2.194 billion, significant SG&A expense reductions of $409 million helped improve profitability. The company ended FY 2020 with $635 million in cash, while net income rose to $80.5 million or $1.19 per diluted share. The appointment of technology veteran Jenna Owens as COO highlights its push towards digital transformation and e-commerce.