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GameStop Shares Plummet as CEO Departures


BNR – After the unexpected departure of a CEO, GameStop fell nearly 20% on Thursday and was on track for its worst fall in two years.

Worries about the videogame retailer’s suffering business were heightened, as this CEO was carefully selected to lead the company’s online development.

Ryan Cohen, the founder of Chewy, assumed the role of executive chairman on Wednesday. However, no successor to former executive Matt Furlong has been named by the company.

Cohen is well-liked by “meme stock” traders.

GameStop: Declining Earnings

After retail traders on Reddit’s WallStreetBets pushed an enormous rise in the stock during the pandemic, several analysts stopped covering the company.

This ran counter to hedge funds which had predicted GameStop’s demise as online stores predominated videogame sales.

One of Cohen’s main goals, when he bought the company, was to shift Gamestop towards a more online-focused system. He wished to compete with bigger retailers such as Amazon. However, there have been few signs of progress thus far.

Gamestop is a retailer of collectables, video games, and consoles. The company reported a 10% decrease in earnings for the three months ending in April.

The company’s quarterly revenue fell for the fourth time in a row in April.


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