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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 raised $933 million by selling shares to cash in on a meme stock rally last month, when the stock doubled in value, and raised an additional $2.14 billion earlier this month.
GameStop stock tanked in pre-market trading on Thursday after the company announced the firing of CEO Matthew Furlong and reported quarterly revenue that came in lower than expected.
Until it drew the interest of Redditors on a discussion board called r/WallStreetBets, GameStop was dying a slow death along with brick-and-mortar shopping malls, where the largest video game and ...
On February 14, 2023, Tuesday Morning filed for Chapter 11 bankruptcy again and announced the closure of 265 stores to focus on better-performing stores in other markets. [326] Two months later, on April 27, 2023, Tuesday Morning announced that it had been purchased by a liquidator and would go out of business entirely, closing the nearly two ...
The small guys won, at least for a while, driving shares of GameStop up more than 1,000% in 2021, and other meme stocks as well. The struggling movie theater chain AMC jumped 2,300% in the same year. But some meme stocks including GameStop and AMC have been climbing higher again, and rapidly.
According to the union, these layoffs caused significant stress and insecurity among workers, leading to the need for better protection and representation. The union aims to provide more security, transparency, and a stronger voice for workers in times of crisis, believing that mass layoffs pose a threat to the gaming industry and that ...
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