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Outgoing CEO George Sherman and CFO Jim Bell helped GameStop survive the tremendous obstacles placed on the company by the COVID-19 pandemic. However, GameStop’s direction going forward appears to be in a much different direction compared to what the two may have otherwise been expecting. In September 2020, Chewy Inc. cofounder Ryan Cohen was brought onto GameStop’s board and has made no secret of his plans to transition GameStop’s focus online. Cohen was elected GameStop’s chair of the board as part of the same proceedings that saw Furlong and Recupero brought on.
GameStop closed nearly 700 stores during 2020, plus nearly 120 more in early 2021. Further, it’s planning a stock sale of 5 million shares to find an investment in the company’s future plans. Suffice to say, its moving rapidly toward a broader online presence in years to come.
As for what GameStop’s online presence will look like, that remains to be seen. It’s possible that it may not look much different than what it already looks like now, focusing more on internal efficiencies and cutting fat. It may be a completely different business and retail may continue to be further phased out. Truly, GameStop could be both better and worse for video game players. It could focus more on gaming or less. Changes for the company are only just beginning.
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Source: IGN
