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A GameStop store in 2014. GameStop, an American chain of brick-and-mortar video game stores, had struggled in the years leading up to the short squeeze due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person.
GameStop's Australian subsidiary EB Games Australia was the only arm of the global GameStop business not to report huge COVID-related losses, with sales instead soaring by 30 per cent. In Australia COVID-19 lockdowns were managed by the Australian Federal Government National Cabinet which largely permitted retail stores to remain open with ...
Subsequent to the GameStop short squeeze event, Melvin Capital disclosed that it was the target of at least nine lawsuits relating to its behavior during that period. [35] Allegations included Melvin's participation in a conspiracy against retail investors, and also that Melvin "made misstatements about their role in the conspiracy to the public."
The GameStop short squeeze was an example of such detachment. GameStop had an outdated business model and its stock price surge didn’t reflect that reality. It reflected the fickle hive mind of WSB.
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GameStop's first quarter came in worse than Wall Street had hoped, with revenue of $1.24 billion coming in short of analysts expectations for $1.34 billion. Shares of GameStop fell nearly 20% at ...
The chain filed for its second bankruptcy and liquidation on August 7, 2019, [13] closing the remaining 54 stores [14] with plans to auction its intellectual property. [15] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [16] The shoe chain emerged from bankruptcy two years later. [17]
GameStop stock tumbled as much as 10% in after-hours after seeing a 15% rise during Thursday's session following the announcement of a 4-for-1 stock split that will take effect on July 22.