As of the date of this press release, Scion beneficially owns approximately 2,, shares, or 4. Scion believes CEO George Sherman, appointed by the Board in , is progressing quickly in reshaping GameStop to thrive into and beyond the coming console upgrade cycle. Scion believes that under Sherman, GameStop is approaching its own reboot in a sensible and innovative manner. Most crucially, it appears to Scion that GameStop is now succeeding in transforming vendor partnerships to unlock high-margin revenue streams. In March , GameStop announced the appointment of three new independent directors. Scion believes that the newly comprised Board will help GameStop navigate these challenging times armed with both a deep knowledge base and significant applicable experience. Scion points out that the dissident slate consists of two individuals that possess neither relevant video game industry experience nor omnichannel retail experience.
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Kongregate is an American video game publisher and web gaming portal. The portfolio focuses on mid-core games spanning a wide range of genres. Kongregate was released on October 10, by siblings Emily and Jim Greer into an alpha testing phase, which lasted until December The site formally entered the beta testing phase on March 22, On July 23, , GameStop announced an agreement to acquire Kongregate. Kongregate also provides a way for creators of games on Facebook to expand their potential audience.
However, GameStop is adjusting its return policy to be more flexible once days of the original purchase date as long as you have the receipt.
Further Reading GameStop shuts down regular operations amid coronavirus closures [Updated] You might think that GameStop being forced to close a majority of its global retail storefronts due to concerns about the novel coronavirus would be bad for business. But CEO George Sherman said in an earnings call last night that the retailer has “seen an increase in store and online traffic over the past few weeks” that might actually help its bottom line.
Though that’s an impressive statistic at first blush, it looks a bit weaker when you put it in context. The first few weeks of March also saw the release of Doom Eternal and Animal Crossing: New Horizons , two highly anticipated games that weren’t matched by any similarly large March launches in Given that, a mere 2-percent bump in year-over-year sales could be seen as relatively disappointing.
Even since shutting down normal operations in the US, though, Sherman said those stores are “still fulfilling increased demand for our products through our contactless curbside delivery process we call delivery at the door. Caveats aside, GameStop is looking for any small signs of improvement after months and months of bad news dating to well before the virus outbreak. That bad news continued into the company’s latest fiscal quarter which ended Feb.
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Seriously, why is it that every single Gamestop store has at least one of the things on display? Yet, Gamestop somehow clings to life, partially thanks to their increased reliance on retro gaming. Worse still is their attitude toward employees; though working with Gamestop may seem like a dream come true at the outset, store clerks are often treated more like used car salesmen than traditional retail workers. Tons of ex-employees have taken to YouTube to discuss their disdain for their former employer, and wary job-seekers need not search far to find negative opinions of the organization.
With that in mind, here are 30 ridiculous guidelines which Gamestop forces on their employees.
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CT on June 12, Over the last two years, we have comprehensively refreshed our Board to oversee our business transformation strategy — GameStop Reboot. Our refreshed Board benefits from the fresh perspectives of our newest directors and the institutional memory of our longest-serving directors, all of which is critical to our successful execution of this transformation plan.
The Dissident Stockholders have put forth a number of rationales for running their wasteful campaign, but their actions make it clear they are only motivated by self-interest. Kurtis Wolf and Paul Evans a portfolio manager and financial executive, respectively both lack the public company management experience and the necessary expertise in the retail, video game and omni-channel industries to guide GameStop through the next phase of its transformation.
Wolf and Evans completely lack these qualifications. As fiduciaries, the Board is firmly committed to regular refreshment, extensive stockholder engagement, and representation of a diversity of perspectives and experiences within the boardroom. Our newly refreshed Board was formed based on these guidelines and is well-positioned to lead GameStop into the next phase of its transformation and development.
GameStop Stock Can Quintuple Within Two Years: Portfolio Manager
This copy is for your personal, non-commercial use only. I think bulls and bears have fallen asleep on GameStop GME , focusing too much on the legacy argument while ignoring a silent transition taking shape. What I hope to do with this research is highlight the potential for a transformation to occur at GameStop, that if successful could reward investors handsomely. I will not argue this point at all; I am going to let the bears have their cake.
I think the legacy business at GME is at major risk, and although it should rebound substantially from November through mid to late, it will likely go into permanent decline after that. Another negative view is that this is likely the last console cycle with physical games , and although GME will benefit and the stock is cheap, the company will be assigned zero multiple and the upside will be fast and short lived.
GameStop Recommends Stockholders Vote the BLUE Proxy Card to signing and dating the enclosed BLUE proxy card and returning it in the.
CT on June 12, The Board and management team appreciate constructive stockholder feedback intended to help the Company generate long-term value for ALL stockholders. Notwithstanding the fact that Mr. GameStop has already made significant progress on each of these fronts while executing its innovative and carefully considered business transformation strategy, GameStop Reboot.
This compelling new strategic plan is intended first to optimize and stabilize the business, directly addressing critical areas of the business, and next to enable leadership to transform the business and support long-term success. Since announcing the strategy in September , the Company has advanced all four tenets of the strategy through significant, quantifiable progress, as outlined below.
The Board is focused on returning excess capital to stockholders as appropriate, while managing debt levels and strengthening our balance sheet. Among other actions taken, the Company:. In contrast, the Dissident Stockholders have not demonstrated that they are capable of making deliberate long-term capital allocation decisions in the interests of all stockholders. Your Board judiciously chose not to pursue this shortsighted and self-interested recommendation and instead took steps to maximize value for ALL of our stockholders, which, among other things, has enabled GameStop to weather the market disruption caused by the COVID pandemic.
Scion Asset Management Voted in Support of GameStop’s Board and Management
CT on June 12,
Last week, DC Collectibles announced an exciting new line of figures in partnership with Nickelodeon and GameStop that pays homage to the.
The products discussed here were independently chosen by our editors. GameSpot may get a share of the revenue if you buy anything featured on our site. Pre-orders are live on all platforms, and each edition comes with some a bunch of bonuses. Portland Trailblazers star Damian Lillard would be the cover athlete for current generation consoles, while young phenom Zion Williamson will fittingly be on the cover of the PS5 and Xbox One X standard edition.
It’s worth noting that the upgrade to next-gen is the standard edition of the game, so you won’t double-up on the digital goodies that come with the Mamba Forever edition. The next-gen version of 2K21 is more than a simple upgrade, though. MyTeam, the card-collecting online mode, will share progress along with your Virtual Currency wallet. NBA 2K21’s standard edition is currently available to pre-order in physical and digital formats.
Digital pre-orders are only available on current generation consoles at this time, though. Anyone who pre-orders the standard edition on current generation or next-gen platforms will get the following bonuses:. Right now, however, the offer only appears on the current-gen versions of the page. Got a news tip or want to contact us directly? Email news gamespot.