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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.
The COVID-19 pandemic has taken a sharp economic toll on the retail industry worldwide as many retailers and shopping centers were forced to shut down for months due to mandated stay-at-home orders. As a result of these closures, online retailers received a major boost in sales as customers looked for alternative ways to shop and the effects of ...
GameStop announced plans on September 10, 2019, to close between 180 and 200 underperforming stores by the end of the fiscal year. [137] GameStop has been affected by a shift in consumer purchasing habits of games, as makers have made it easier to purchase titles online for download, often through consoles, requiring no physical disc. [138]
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 ...
As pandemic restrictions loosen, bankrupt companies get a new lease on life.As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies.
GameStop announced Furlong's departure as part of its quarterly earnings release on Wednesday evening. The company's largest investor, Ryan Cohen, was named executive chairman.
The following private equity firm or hedge fund owned companies have filed for bankruptcy protection: A&P (grocery chain) [1] Brookstone [2] Envision Healthcare [3] Friendly's [1] GenesisCare [3] Instant Brands (maker of Instant Pot and Pyrex) [4] Kmart [5] Party City [6] Payless Shoe Source [2] Prospect Medical Holdings [7] RadioShack [2] Red ...
The company's shares, which were at the heart of a Reddit-driven trading frenzy, jumped 9% in premarket trade on Monday after GameStop said Sherman would resign on or before July 31 and that it ...