Who is ceo of gamestop

GameStop Corp. Chief Executive Matt Furlong received total compensation of nearly $17 million in 2021, after being in the role for only a little more than six months.

Furlong started as the videogame and consumer electronics retailer’s GME CEO on June 21, after most recently overseeing Amazon.com Inc.’s AMZN Australia business.

In GameStop’s preliminary 2021 proxy statement filed late Monday, the company disclosed that Furlong’s total compensation for 2021 was $16.81 million. That total included $115,385 in salary, which was prorated from his agreed on base salary of $200,000.

His total compensation also included a prorated new-hire bonus of $1.59 million, stock awards valued at $14.85 million at the grant date and all other compensation of $250,453, most of which was comprised of relocation benefits.

The total value of the stock awards granted will vest over a four-year period, with the most of the value vesting in the third and fourth years.

Former CEO George Sherman, whom Furlong succeeded, received $652,306 in total compensation in 2021, including $469,615 in salary and $182,691 in all other compensation, which included $138,773 in relocation benefits.

His total compensation for a full-year’s work in 2020 was $7.17 million, which included $1.00 million in base salary and stock awards valued at $6.12 million.

GameStop’s stock went on a wild ride in 2021. After the meme stock rocketed 963.5% from the end of 2020 through June 21, 2021, it then fell 25.9% through the end of 2021. The stock was down 1.2% in afternoon trading Tuesday, and has lost 2.2% so far in 2022. In comparison, the S&P 500 index SPX had run up 12.8% from June 21 through year-end 2021, and has lost 7.0% since then.

Separately, Chief Financial Officer Michael Recupero, also a former Amazon executive who started at GameStop on July 12, 2021, received total 2021 compensation of $11.07 million. That included $103,846 in base pay, $1.13 million in a new-hire bonus and stock awards valued at $9.84 million.

GameStop’s largest shareholder Ryan Cohen, who was voted in as chairman of the board at the company’s annual shareholder meeting in June 2021, received no compensation in 2021, according to the preliminary proxy statement. However, he was the beneficial owner of 9.10 million GameStop shares, or 11.9% of the shares outstanding, as of April 8, 2022.

GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer.[1] The company is headquartered in Grapevine, Texas (a suburb of Dallas), and is the largest video game retailer worldwide.[2] As of 29 January 2022[update], the company operated 4,573 stores including 3,018 in the United States, 231 in Canada, 417 in Australia and 907 in Europe under the GameStop, EB Games, EB Games Australia, Micromania-Zing, ThinkGeek and Zing Pop Culture brands.[1][3] The company was founded in Dallas in 1984 as Babbage's, and took on its current name in 1999.

Who is ceo of gamestop
GameStop Corp.

Logo since 2000

FormerlyBabbage's (1984–1999)TypePublic

Traded as

  • NYSE: GME (Class A)
  • S&P 400 component

IndustryRetailPredecessors

  • Software Etc.
  • Funco

Founded1984; 38 years ago (1984)Founders

  • Leonard Riggio
  • Daniel DeMatteo
  • Richard Fontaine

Headquarters

Grapevine, Texas

,

U.S.

Number of locations

4,573 (Jan 2022)

Area served

Several countries

  • Australia
  • Austria
  • Canada
  • France
  • Germany
  • Italy
  • Ireland
  • New Zealand
  • Switzerland
  • United States

Key people

  • Ryan Cohen (Chairman)
  • Matt Furlong (CEO)

Products

  • Video games
  • Consoles
  • Accessories

Revenue
Who is ceo of gamestop
US$6.01 billion (2021)

Operating income

Who is ceo of gamestop
−US$369 million (2021)

Net income

Who is ceo of gamestop
−US$381 million (2021)Total assets
Who is ceo of gamestop
US$3.50 billion (2021)Total equity
Who is ceo of gamestop
US$1.60 billion (2021)

Number of employees

12,000 full-time
14,000-28,000 part-time (Jan 2022)ParentNeoStar Retail Group (1994–1996)
Babbage's Etc. (1996–1999)
Barnes & Noble (1999–2004)Subsidiaries

  • Babbage's
  • EB Games
  • EB Games Australia
  • Game Informer
  • Geeknet
  • Micromania-Zing
  • Rhino Video Games
  • ThinkGeek
  • Zing Pop Culture Australia

Websitegamestop.comFootnotes / references
[1]

Who is ceo of gamestop

A used game rack for GameCube games at a GameStop in San Bruno, California

The company's performance declined during the mid-late 2010s due to the shift of video game sales to online shopping and downloads and failed investments by GameStop in smartphone retail. In 2021 however, the company's stock price skyrocketed. The company received significant media attention during January and February 2021 due to the volatility of its stock price. The company is now ranked 521st on the Fortune 500.[3] In addition to retail stores, GameStop owns and publishes Game Informer, a video game magazine.

 

Logo of retailer Software, Etc. on a 5.25" floppy disk branded by the company

GameStop traces its roots to Babbage's, a Dallas, Texas-based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin.[4] The company was named after Charles Babbage[5] and opened its first store in Dallas's NorthPark Center with the help of Ross Perot, an early investor in the company.[6] The company quickly began to focus on video game sales for the then-dominant Atari 2600. Babbage's began selling Nintendo games in 1987.[7] Babbage's became a public company via an initial public offering in 1988.[7] By 1991, video games accounted for two-thirds of Babbage's sales.[7]

NeoStar Retail Group (1994–1996)

Babbage's merged with Software Etc., an Edina, Minnesota-based retailer that specialized in personal computing software, to create NeoStar Retail Group in 1994.[8][9] The merger was structured as a stock swap, where shareholders of Babbage's and Software Etc. received shares of NeoStar, a newly formed holding company. Babbage's and Software Etc. continued to operate as independent subsidiaries of NeoStar and retained their respective senior management teams.[8] Babbage's founder and chairman James McCurry became chairman of NeoStar, while Babbage's president Gary Kusin and Software Etc. President Daniel DeMatteo retained their respective titles. Software Etc. chairman Leonard Riggio became chairman of NeoStar's executive committee.[8]

Gary Kusin resigned as president of Babbage's in February 1995 to start a cosmetics company. Daniel DeMatteo, formerly president of Software Etc., assumed Kusin's duties and was promoted to president and chief operating officer of NeoStar. NeoStar chairman James McCurry was also appointed to the newly created position of NeoStar CEO.[10] The company relocated from its headquarters in Dallas to Grapevine later that year.[11]

NeoStar merged its Babbage's and Software Etc. units into a single organization in May 1996 amid declining sales. Company president Daniel DeMatteo also resigned, and NeoStar chairman and CEO James McCurry assumed the title of president.[12] In September of that year, after NeoStar was unable to secure the credit necessary to purchase inventory necessary for the holiday season, the company filed for Chapter 11 bankruptcy and appointed Thomas G. Plaskett chairman while James McCurry remained company chief executive and president.[13]

The leadership changes were not enough and in November 1996 the assets of NeoStar were purchased for $58.5 million by Leonard Riggio, a founder of Software Etc. and chairman and principal stockholder of Barnes & Noble. Electronics Boutique had also bid to purchase NeoStar, but the judge presiding over NeoStar's bankruptcy accepted Riggio's bid because it kept open 108 stores more than Electronics Boutique's bid would have. Approximately 200 retail stores were not included in the transaction and were subsequently closed.[14]

Babbage's Etc. (1996–1999)

Following his purchase of NeoStar's assets, Leonard Riggio dissolved the holding company and created a new holding company named Babbage's Etc.[7] He appointed Richard "Dick" Fontaine, previously Software Etc.'s chief executive during its expansion in the late 1980s and early 1990s, as Babbage Etc.'s chief executive. Daniel DeMatteo, previously the president of both Software Etc. and NeoStar, became company president and COO.[7] Three years later, in 1999, Babbage's Etc. launched its GameStop brand with 30 stores in strip malls. The company also launched gamestop.com, a website that allowed consumers to purchase video games online. GameStop.com was promoted in Babbage's and Software Etc. stores.[7]

Barnes & Noble Booksellers (1999–2004)

In October 1999, Barnes & Noble Booksellers purchased Babbage's Etc. for $215 million.[15] Because Babbage's Etc. was principally owned by Leonard Riggio, who was also Barnes & Noble's chairman and principal shareholder, a special committee of independent directors of Barnes & Noble Booksellers evaluated and signed off on the deal.[16] A few months later, in May 2000, Barnes & Noble acquired Funco, the owner of Eden Prairie, Minnesota-based video game retailer FuncoLand, for $160 million.[17] Babbage's Etc., which had been previously operating as a direct subsidiary of Barnes & Noble, became a wholly owned subsidiary of Funco.[18] With its acquisition of Funco,[19] Barnes & Noble also acquired Game Informer, a video game magazine that was first published in 1991.[20] Funco was renamed GameStop, Inc. in December 2000 in anticipation of holding an initial public offering for the company.[7][21]

In February 2002, the company once again became a public company via an initial public offering.[22] Barnes & Noble retained control over the newly public company with 67% of outstanding shares and 95% of voting shares. Barnes & Noble retained control over GameStop until October 2004, when it distributed its 59% stake in GameStop to stakeholders of Barnes & Noble, making it an independent company.[23]

Expansion (2004–2016)

 

Customers lined up outside of a GameStop store in 2006 to purchase the Wii

GameStop acquired EB Games (formerly Electronics Boutique) in 2005 for $1.44 billion. The acquisition expanded GameStop's operations into Europe, Canada, Australia, and New Zealand.[24] Two years later, in 2007, GameStop acquired Rhino Video Games from Blockbuster LLC for an undisclosed amount. Rhino Video Games operated 70 video game stores throughout the Southeastern United States.[25][26]

GameStop founded MovieStop in 2004 as a standalone store that focused on new and used movies.[27] More than 42 locations were opened, which typically adjoined or were adjacent to GameStop locations.[27] GameStop spun off MovieStop to private owners in 2012.[28] In November 2014, Draw Another Circle LLC, a company controlled by merchandising executive Joel Weinshanker that also owns Hastings Entertainment, purchased MovieStop.[29] The chain shuttered in 2016.[30]

In April 2008, GameStop acquired Free Record Shop's 49 Norwegian stores.[31] Daniel DeMatteo replaced Richard Fontaine as GameStop CEO in August 2008. DeMatteo had served as company COO since 1996. Fontaine, who had been GameStop chairman and CEO since 1996, remained the company's chairman.[32] J. Paul Raines, formerly executive vice president of Home Depot, became company COO in September.[32] In October 2008, GameStop acquired Micromania, a French video-game retailer, for $700 million.[33][34] GameStop, which had previously owned no stores in France, now had 332 French video-game stores.[35] In November 2009, it acquired a majority stake in Jolt Online Gaming, an Irish browser game studio.[36] Jolt closed in 2012.[37]

 

A store in Manchester, Connecticut in 2014

J. Paul Raines became GameStop CEO in June 2010.[38][39] He replaced Daniel DeMatteo who was named executive chairman of the company.[38] Under his leadership, in 2012, GameStop's digital revenue grew from $190 million in 2011 to more than $600 million in 2012.[40]

In 2010, GameStop acquired Kongregate, a San Francisco-based website for browser-based games.[41][42] In 2017, it was sold for $55 million.[43]

In 2011, GameStop acquired Spawn Labs and Impulse in separate transactions.[44][45] Spawn Labs was a developer of technology that allowed users to play video games that were run remotely on machines in data centers rather than their personal computer or console. Impulse was a digital distribution and multiplayer video game platform acquired from Stardock, and renamed GameStop PC Downloads. Under the ownership of GameStop, the service was redesigned and sold games that use other platforms such as Steam while also selling games that use its own proprietary DRM solution, Impulse:Reactor.[44] GameStop shut down both PC Downloads and Spawn Labs in 2014.[46]

In 2012, GameStop acquired BuyMyTronics, a Denver-based online market place for consumer electronics.[47]

In October 2012 at Grapevine Mills in Dallas, GameStop introduced GameStop Kids, a pop-up retail concept. The brand, which had 80 locations in shopping malls during the Christmas and holiday season, focused on children's products, and carried only games rated "Everyone" by the ESRB, along with merchandise of popular franchises aimed towards the demographic.[48][49]

In October 2012, GameStop acquired a 49.9% ownership interest in Simply Mac, a Salt Lake City-based Apple authorized reseller and repairer founded in 2006. GameStop acquired the remaining 50.1% of ownership in November 2013. GameStop tried to target areas for potential new Simply Mac locations in smaller markets that did not have an existing Apple Store within a reasonable driving distance.[50][51][52] In January 2017, GameStop closed many Simply Mac locations. The chain had as many as 70 locations at the time of the announcement.[53][54] In 2019, GameStop divested Simply Mac; at that time it had 43 stores.[55][56]

In November 2013, GameStop acquired Spring Mobile, a Salt Lake City-based retailer of AT&T-branded wireless services.[57] It acquired 163 RadioShack locations in February 2015.[58] In July 2015, it acquired Geeknet.[59] All GameStop stores in Puerto Rico were shut at the end of March 2016, citing increased rates of government taxes.[60] On August 3, 2016, GameStop acquired 507 AT&T store chains in plans to diversify into new businesses and less dependent on the video game market.[61]

Decline (2016–present)

 

A shuttered and graffitied GameStop store in Jamaica, Queens in 2017

Changes in market conditions

The market for physical game media has been in a state of decline due to downloadable games on services such as Xbox Live, PlayStation Network, Nintendo eShop, and Steam.[62][63] This has resulted in a decline in sales at GameStop. In 2017, GameStop reported a 16.4% drop in sales for the 2016 holiday season, but expressed optimism in its non-physical gaming businesses.[64][65]

In February 2017, it was revealed that GameStop enforced, on all of its retail employees, a program known as Circle of Life. The policy itself was made to ensure that each employee would allow a certain percentage of their sales to pre-orders, rewards cards, used games, or have a customer trade in a game.[66] Upon revelation of the policy, many current and former GameStop employees revealed stories of how the policy has led to them lying to customers. Many more claimed that the policy had led to poor working conditions and emotional distress.[67] Later that month, GameStop reformed the program to solely focus on the store as a whole instead of the previous individual employee basis, though still maintaining a heavy emphasis on the individuals' performance to maintain strong store metrics.[68]

Financial losses

 

Interior of a GameStop store in Kingstowne, Virginia in 2018, with several items on clearance

 

A shuttered MovieStop store and a GameStop store in Mobile, Alabama in 2018

Shares of GameStop stock fell 16% in 2016.[69] On February 28, 2017, shares dropped an additional 8% following Microsoft's announcement of its Xbox Game Pass service.[70] Following these reports, GameStop announced it would close over 150 stores in 2017 and expand its non-gaming business.[71] On the same day, however, GameStop said it planned to open 65 new Technology Brand stores and 35 Collectibles stores due to a 44% and 28% increase in sales, respectively.[72] GameStop's total revenue fell 7.6% to $3.06 billion in the quarter ended February 2, 2018.[73]

Business Insider described GameStop's investment in Spring Mobile as a failure, with estimates that the company spent $1.5 billion on acquisitions on Spring Mobile and store locations, but only gained $700 million from the sale of Spring Mobile to Prime Communications in 2018, leaving them $800 million in debt.[74]

In late June 2018, GameStop confirmed talks of a possible sale, with Sycamore Partners, a private equity firm, the most likely buyer,[75][76] with a target deal expected by February 2019.[77] However, on January 29, 2019, GameStop reported it had stopped looking for a buyer for the company, due to a "lack of available financing on terms that would be commercially acceptable to a prospective acquirer", and was looking for other actions to help re-establish its financial ground.[78] Shares dropped 27% to a 14-year low immediately following this announcement.[79][80]

The financial results for 2018 showed the biggest loss in GameStop company history.[81] For the 52-week period ending on February 2, 2019, GameStop reported a record-breaking net loss of $673 million.[73] This was a change from the net profit of $34.7 million in the previous year.[73] The net sales for fiscal year 2018 were down 3% year-on-year to $8.29 billion.[82] The company also eliminated its dividend.[83][84]

In December 2021, GameStop posted a larger-than-expected loss in the fiscal third quarter, and investors are waiting to hear how the ailing company plans to restructure its operations and entice gamers back. In extended trade, shares plummeted.[85]

Management changes

 

A store at the Bayside Marketplace in Miami in 2017

After being on medical leave since November 2017 due to reoccurrence of a brain tumor, J. Paul Raines resigned from GameStop on January 31, 2018, and died on March 4, 2018.[86] DeMatteo, GameStop's executive chairman stepped in as interim chief executive officer.[87] On February 6, 2018, the company announced Michael K. Mauler as CEO and member of the board of directors.[88] On May 11, 2018, Mauler resigned due to "personal reasons" and chairman Dan DeMatteo was named interim CEO. Mauler did not take any severance package or separation benefits.[89] On May 31, 2018, GameStop named Shane Kim as interim CEO.[90] Kim was replaced by George Sherman in March 2019.[91][92][93] On March 12, 2020, it was announced that a group of shareholders including Hestia Capital Partners LP and Permit Capital Enterprise Fund LP sent a "threat" letter to the Grapevine, Texas, company's board, urging it to appoint a stockholder representative as a director.[94]

Turnaround efforts

 

A combined GameStop–ThinkGeek store in New York City in 2019

In July 2019, GameStop partnered with an outside design firm, R/GA, to put forth plans to revamp stores to focus on competitive gaming and retrogaming, and to introduce new ways for customers to try games before buying them.[95][96] Each concept store is expected to be mutually exclusive.[citation needed]

 

Interior of a store in 2019

A leaked email revealed on July 31, 2019, indicated that 50 employees, including district and regional managers,[97] would be laid off as a result of reorganization efforts.[98] In August 2019, GameStop laid off over 120 people, including about half of the staff of Game Informer, as part of its "GameStop Reboot initiative".[99]

In August 2019, Michael Burry's investment firm Scion Asset Management sent a letter to GameStop executives urging the company to engage in a $238 million stock buyback. The letter also revealed that Scion owned approximately 2,750,000 shares, or about 3.05% of GameStop. The stock price of GameStop, which had been in steady decline in share price since late January 2019, spiked roughly 20% after Burry revealed that he was buying the stock in an interview with Barron's. In the interview, Burry explained that both Sony and Microsoft would enter the next console generation with a physical disc drive and therefore likely extend the longevity of GameStop. He also noted that the company's balance sheet was in good condition.[100][101] In December 2019, GameStop announced that it spent $178.6 million to buy 34.6 million shares, or 34% of the shares outstanding, at an average price of $5.14 per share.[102] In May 2020, Burry lowered his stake in GameStop.[103]

After reporting that it had missed analysts' expectations during the 2nd quarter of the fiscal year 2019 ending August 2019, as reported in September 2019, GameStop announced that it was planning to close about 180–200 underperforming stores of the 5,700 it had worldwide in the short term, along with developing metrics to evaluate other potential closures over the next two years.[104] In March 2020, four members of GameStop's Board of Directors - Dan DeMatteo, Gerald Szczepanski, Larry Zilavy, and Steve Koonin - stepped down and were replaced by Reggie Fils-Aimé, Bill Simon and J.K. Symancyk as part of the company's effort to turn around the business.[105]

GameStop's Australian division has been focused on increasing higher-margin merchandise and opening more large format hybrid stores which include both an EB Games and Zing Pop Culture store in a single location. These locations have an expanded selection of merchandise based on both games and pop culture. The Sydney Morning Herald reported the diversification into merchandise through the establishment of the Zing Pop Culture brand in 2014 had been vital in keeping the company profitable. The newspaper reported the greater focus on merchandise allowed the company to tap into the lucrative, higher-margin merchandise market of t-shirts, figurines and bobbleheads. The newspaper noted former staff agreed that the Australian divisions’ merchandise pivot has been key to the divisions survival in Australia’s tough retail landscape. However, they also pointed to the pre-owned games segment as a major part of its success.[106][107][108] GameStop's Australian division has been the only profitable segment of the global GameStop business for the 2020, 2021 and 2022 fiscal years. The company reported profits of US$9.4 million, US$52.2 million and US$30.6 million for each fiscal year respectively.

COVID-19 pandemic

 

A store in the Melbourne Square mall in Melbourne, Florida being liquidated in December 2020

Government efforts to slow the spread of COVID-19 required GameStop to close the physical operation of all of its 3,500 stores from roughly March to May 2020, though not without some controversy in the early stages. Throughout this time, it continued with online and curbside sales. Sherman and the board of directors took a 50% pay cut while other executives took a 30% cut to offset losses.[109] While digital sales grew by 519%, its retail dropped by more than 30% in the same period from the prior year, and the chain reported a US$165 million loss in contrast to a US$6.8 million for the same quarter in 2019. However, with the Xbox Series X and PlayStation 5 still planned for release in the latter part of 2020, Sherman expected to be able to recover from these losses.[110]

In mid-March 2020, GameStop faced criticism for its response to the COVID-19 pandemic in North America, with employees and social media users accusing the company of placing its business ahead of the safety of its staff and customers, in order to capitalize on an influx of video game purchases and related products for entertainment during the pandemic and related lockdowns.[111][112][113] GameStop stated that it would suspend in-store events (including midnight launches) and the use of demo stations, perform additional cleaning, and structure lines and limit store capacity to enforce physical distancing.[113] To prevent enlarged crowds for two high-profile video game releases on March 20 — Animal Crossing: New Horizons and Doom Eternal, GameStop announced that it would begin selling Doom Eternal in its stores a day ahead of its official release date.[114]

Polygon reported on March 17 that several stores in the San Francisco area had remained open, seemingly in violation of a stay-at-home order issued by Bay Area counties that restricts non-essential business. Several employees told Polygon and Vice that they did not receive additional cleaning supplies that were to be provided by corporate, requiring them to purchase them on their own and request reimbursement.[111][115][113]

A memo obtained by Kotaku on March 19 indicated that GameStop saw itself as an essential business because some of its technology products are relevant to enhancing remote work, required in many cases during the pandemic. GameStop reiterated the safety measures that it had put in place, and also announced that it would reduce store hours and suspend all trade-ins until at least March 29, 2020, and offer curbside pickup.[116][115] An employee of a GameStop store in Athens, Georgia (which was shut down on March 20 by order of the police to comply with a similar order in Athens-Clark County) disputed the argument, saying that the high-end, gaming-oriented peripherals (such as keyboards and mice) sold at GameStop were not necessarily essential for remote work, and that cheaper alternatives were readily available at stores allowed to remain open, such as Walmart.[112]

California had announced a state-wide stay-at-home order on March 19; while GameStop had originally stated to its stores it was an essential retail business, by March 20 GameStop instead decided to close down its California branches, while keeping most other nationwide stores open.[117][112] Following similar stay-at-home orders in New York and Illinois over the following days, GameStop announced that it would close all locations effective March 22, with selected locations continuing to offer contact-free curbside pickup (where an employee, wearing either gloves or a bag over their hands, would slip the customer's order through the front door, remaining behind the glass)[118] and home delivery.[119] In early April 2020, a location in Dorchester, Boston received a nuisance citation by local police, who deemed the curbside pickup a violation of the Massachusetts stay-at-home order. GameStop subsequently ceased offering curbside pickup in the state.[118][120]

 

A GameStop and ThinkGeek store in New York City in November 2020, boarded up due to concerns of violence following the presidential election

GameStop's Canadian subsidiary EB Games faced similar criticism on March 20 as well, as morning lineups for the new Animal Crossing and Doom games at a Toronto location induced large public gatherings discouraged by officials. The city's public health chief Eileen de Villa stated that the gathering did not "line up with what we expect from those in our community who are interested in protecting and strengthening our community". Mayor John Tory accused the company of "plac[ing] commerce above the public interest", while Premier of Ontario Doug Ford stated that "everyone in this province has a responsibility to make sure we protect each other and I am very, very disappointed in the store owner that would do this". EB Games later announced that it would close all Canadian stores on March 21.[121]

GameStop's Australian subsidiary EB Games Australia was the only arm of the global GameStop business not to report huge COVID-related losses, with sales instead soaring by 30 per cent. In Australia COVID-19 lockdowns were managed by the Australian Federal Government National Cabinet which largely permitted retail stores to remain open with capacity limits in place.[122] This meant, unlike other arms of the GameStop business, the Australian arms stores remained open for the substantial majority of the pandemic. National Cabinet only mandated some brief regionally targeted entire store closures with stores in the Australian state of Victoria being the most heavily impacted. For fiscal year 2020 the Australian arm reported net sales of US$625.3 million and operating earnings of US$52.2 million. This was an increase of US$42.8 million in operating earnings compared to the pre-pandemic Fiscal Year 2019 where the company posted net sales of US$525.4 million and operating earnings of US$9.4 million.[123]

A GameStop store was among the businesses destroyed by arson during the George Floyd protests in Minneapolis–Saint Paulin May 2020. The store permanently closed and the property location was demolished.[124][125]

On October 8, 2020, GameStop announced an agreement with Microsoft to migrate backend systems to Microsoft 365 platforms including Dynamics 365, also including in-store usage of Microsoft Surface products by employees.[126][127] It was later reported that this agreement would also include revenue sharing on all digital game purchases for Xbox Series X and S for each product sold by the retailer, although the exact percentage of this share was not disclosed.[128]

January 2021 short squeeze

In January 2021, a short squeeze resulted in a 1,500% increase in GameStop's share price over the course of two weeks, reaching an all-time intraday high of US$483.00 as of January 29, 2021[update], on the New York Stock Exchange.[129][130] This effect was mainly attributed to a coordinated effort by the Reddit community r/wallstreetbets, a subreddit dedicated to stocks with high market risk.[129][131] A surge in the stock price in extended-hours trading occurred after Elon Musk made a post on Twitter that included "Gamestonk!" (in reference to r/wallstreetbets) and a link to the community.[132] Matt Levine has compared the situation to the 2012 "short squeeze" that the SEC charged Philip Falcone with.[133]

In February 2021, GameStop announced that its finance chief Jim Bell, appointed in June 2019, would leave the company on March 26, 2021. Though no official reason was given for Bell's departure, the company said that it did not have to do with a disagreement with the company or its operations.[134][135][136]

In April 2021, George Sherman announced that he will step down as CEO of GameStop by July 31, 2021.[137][138][139][140] Also in April 2021, Ryan Cohen, founder of Chewy and a large GameStop shareholder, was named chairman, effective in June 2021.[141][142][143] On June 9, 2021, GameStop appointed former Amazon executives Matt Furlong and Mike Recupero as CEO and CFO respectively.[144] Furlong took over the position of CEO from Sherman on June 21, 2021.[144]

In July 2022, it was announced that Mike Recupero was fired as CFO. He was replaced by Diana Saadeh-Jajeh, who was the company's chief accounting officer.[145]

NFT platform

On May 26, 2021, GameStop announced that it is working on a non-fungible token (NFT) platform creating a token that is based on blockchain Ethereum technology.[146][147] Business Insider reported that "GameStop is building an NFT platform as part of an ambitious plan to transform itself into the Amazon of gaming."[148]

The Beta version of the platform launched on July 11, 2022. The marketplace is curated, with a vetting process in place for artists; in July 2022 GameStop removed an NFT associated with artwork which referenced the photo The Falling Man and removed the ability for the creator's account to mint new NFTs on its platform.[149]

As of 29 January 2022[update], the company operated 4,573 stores including 3,018 in the United States, 231 in Canada, 417 in Australia and 907 in Europe.[1]

Game Informer

Game Informer is a magazine owned by GameStop, Inc. and primarily sold through subscriptions which can be purchased at GameStop locations.[150] A subscription to the magazine is included for members of GameStop's PowerUp Rewards Pro loyalty program.[151]

Trade-ins

 

Interior of a GameStop store in San Francisco in 2010

GameStop provides its customers either cash or trade credit in exchange for customers' unwanted video games, accessories, and tech.[152] The used video game trade-ins have twice the gross margins of new video game sales.[153] Some video game developers and publishers have criticized GameStop for its practices, as they receive no share of the revenue from the sale of used games. GameStop responded to these criticisms in 2009 by stating that 70% of store credit generated by game trade ins was used to purchase new rather than used games, generating close to $2 billion in annual revenue.[154]

GameStop TV

GameStop TV is the in-store television network run internally by GameStop, with non-endemic sales in partnership with Playwire Media. GameStop TV features programming targeted to consumers shopping in GameStop stores. Each month brings content segments about upcoming video game releases, exclusive developer interviews, and product demonstrations.[155]

Pre-order bonuses

Game publishers obtain more pre-orders by including exclusive in-game or physical bonuses, available only if the player pre-ordered the game. Bonuses typically include extras such as exclusive characters, weapons, and maps. For example, GameStop included an additional avatar costume for Call of Duty: Black Ops when it was released in November 2010,[156] and a pictorial Art-Folio for Metroid: Other M.[157] Soundtracks, artbooks, plushies, figurines, posters, and T-shirts have also been special bonuses.

GameTrust Games

In January 2016, GameStop announced a partnership with Insomniac Games with its 2016 title Song of the Deep. GameStop executive Mark Stanley said the concept was to help the chain have more direct communication with players, and would expect to expand out to other similar distribution deals with other developers if this one succeeds.[158] In April 2016, GameStop created the GameTrust Games publishing division to serve as a publisher for mid-sized developers. In April 2016, GameTrust Games announced it was working with Ready At Dawn, Tequila Works, and Frozenbyte to prepare more titles.[159]

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  • Official website
  • Business data for GameStop Corp. Class A:

    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!

Retrieved from "https://en.wikipedia.org/w/index.php?title=GameStop&oldid=1101000737"


Page 2

The Apple community is a group of people interested in Apple Inc. and its products, who report information in various media. Generally this has evolved into a proliferation of websites, but latterly has also expanded into podcasts (both audio and video), either speculating on rumors about future product releases, simply report Apple-related news stories, or have discussions about Apple's products and how to use them.

Such stories and discussions may include topics related to physical products like the Macintosh and iOS devices (e.g., the iPhone, iPod, and iPad); software and operating systems, like Final Cut Pro, Logic Pro X, iWork, iOS, and macOS; or even services Apple offers like iCloud, iTunes Store, or Apple Music. Apple enjoys a cult-like following for its platforms, especially following the massive increase in popularity for the brand brought about by the huge increase in sales for all its products that started around the time the company introduced the original iPod in late 2001. The mass usage of computing devices in everyday life, mixed with Apple's vertical integration of its products and services,[1] has helped to bring about this increase in popularity, and combined with a tight-lipped corporate policy about future products, helped foster an interest in the company's activities.

The Apple community is made up of several websites which exclusively, or almost exclusively, specialize in Apple products. Some have ceased operation, but a great many continue to run successfully.

In addition to these purely Apple info sites, most other mainstream technology journalism sites, including Ars Technica, CNET, Engadget, Gizmodo, iFixIt, Slashdot, and GigaOM include Apple sections, and many prominent bloggers also talk extensively about Apple products, including John Gruber's DaringFireball.

9to5Mac

9to5Mac[2] was founded in 2007 by Seth Weintraub as an Apple news website originally focused on Macs in the enterprise. Since then, the website has expanded to covering all things Apple. 9to5Mac is known as the leading website within the Apple News Community in terms of breaking impactful news.[3] The site gained fame in its earlier years for publishing the first photos of the third-generation iPod nano, the original iPod touch, early photos of the first iPhone, and details about Apple's still-in-use aluminum manufacturing process for laptops. In recent years, 9to5Mac published the first accurate details about the iPhone 4S, Siri, Apple's move from Google Maps to Apple Maps, new health and fitness applications, OS X/macOS updates, and the Apple Watch. The site also published the first photos of the white iPad 2, iPhone 5, and the iPad Air.[4]

iGeeksBlog

iGeeksBlog[5] is an Apple-centric website dedicated to Apple users since 2012. Started by Dhvanesh Adhiya[6] and Jignesh Padhiyar, it regularly publishes troubleshooting guides, how-tos, tips and tricks, app and accessory buying guides, in-depth reviews, and comparisons, all built to allow users to make the most of their Apple devices. It also has a handy app, so users get aid, suggestions, and more from their iPhones and iPad. iGeeksBlog has also been featured by top media platforms such as Forbes,[7] Digital Trends,[8] USA Today,[9] Daily Express,[10] and more.

iMore

iMore[11] is a Canadian website founded in 2008, previously as Phonedifferent, with its main focus on all aspects of Apple devices (also featuring sections on several other platforms). It was run by editor-in-chief Rene Ritchie with a small editing staff until 2020. As of January 1, 2021, it is edited by Joseph Keller.[12] Along with the usual news and rumors, iMore often features in-depth technical details of Apple software and operating systems, aimed at explaining to readers how and why certain things have been done by Apple, in their wider context of achieving better usability and design goals.[13][14][15][16][17][18][19][20][21][22][excessive citations]

Low End Mac

Low End Mac[23] is an Apple-centric website founded in 1997 to support Mac users with early Mac hardware and growing over time to cover the entire range of Macs, as each line eventually had model years falling into the “vintage and obsolete” category. Low End Mac's primary focus is on aging Apple gear, primarily Macs, but touching on iPhone, iPad, iPod, Apple TV, and other devices as well.[24] It is published by its founder Daniel Knight with a small volunteer writing staff.[25]

MacDailyNews

MacDailyNews has been published since September 2002, 19 years ago.[26] MacDailyNews was cited by CNet as its source for the launch of the first Verizon (CDMA-capable) iPhone after Christmas, 2010;[27] the phone was announced by Verizon in early 2011.[28] The site was also cited by DaringFireball as the source for AT&T's best yet iPhone launch in 2009.[29] It was also cited by MacRumors with a forecast for the second generation Mac Pro in April 2013;[30] Apple announced it in June.[31]

MacIssues

MacIssues[32] is the renewal of what began in March 1996 as "MacFixIt," an update site for Ted Landau's Mac troubleshooting book "Sad Macs, Bombs and Other Disasters".[33] The site was originally called "The Sad Macs Update Site" but was renamed to MacFixIt after hosting problems. The site has changed hands, being sold to TechTracker in July 2000, which was purchased by CNET in 2007. With CBS Interactive's acquisition of CNET in 2008, MacFixIt was integrated into the main CNET blog structure. MacFixIt was discontinued by CNET, but the site has spawned MacIssues.com, which continues to offer daily Mac-related troubleshooting, how-to, and review articles, and is written primarily by Christopher (Topher) Kessler.[34]

MacOS Rumors

MacOS Rumors was founded by Ethan C. Allen in 1995 as the first known "Apple rumors" website on the early web. His early work was noticed and referenced by other print media including CNET,[35] Forbes,[36] and Mac the Knife in MacWEEK. Allen was only 16 at the time but had developed extensive source contacts. Apple, at the time, was unhappy with some of the releases on the site which proved to be early and accurate. Apple contacted Allen a number of times requesting he stop releasing data from his sources. After a brief shutdown of the site at the request of Apple, the MacOS Rumors site was obtained by Ryan Meader after a domain expiration within two years of its creation. Originally with Ethan, the site posted most of its rumors based on screenshots and info sent via email from followers. With Ryan at the helm, MacOS Rumors collected content from message boards and usenet posts but later claimed (unsubstantiated) to have developed contacts inside Apple. After a number of successful years, MacOS Rumors gained a reputation for being inaccurate.[37] Meader had allowed the MacOS Rumors domain name to expire around July 16, 2007, but then renewed the domain for another nine years. In the past half-decade, the site hasn't been updated at all and has no current staff.

After the MacOS Rumors site was obtained by Ryan in 1997, Ethan tried to briefly return to Apple rumors with his sources by creating a new website titled Mac Rumor Mill. Apple quickly caught onto the new site and was able to shut it down with threatened legal action.[38]

MacRumors

MacRumors was launched in February 2000 by Arnold Kim, as an aggregator of Mac-related rumors and reports around the web. MacRumors attempts to keep track of the rumor community by consolidating reports and cross-referencing claims.

Macworld

Macworld is one of the oldest magazine publications focused on Apple products and software, starting in 1984. It received competition with the launch of MacUser the following year. The two magazines merged under the "Macworld" name in 1997. In September 2014 it discontinued its print edition, instead focusing on its website and YouTube coverage only.[39]

SecureMac

SecureMac[40] was founded in 1999 as a Mac-oriented security news portal. The site has expanded to cover a wide range of digital security and privacy topics, but has retained its focus on Apple products and software. In 2016, SecureMac launched The Checklist,[41] a weekly security-themed podcast aimed at iOS and macOS users. SecureMac has been credited with discovering several significant macOS threats, including the Boonana Trojan,[42] a new variant of the rogue security program Mac Defender.[43]

Think Secret

Think Secret appeared in 1999. Apple filed a lawsuit against the company alleging it printed stories containing Apple trade secrets.[44] In December 2007 the lawsuit was settled with no sources being disclosed; however, the site was shut down, finally closing on February 14, 2008.[45]

In the year leading up to the closing of the site, Think Secret correctly predicted an aluminum shell iMac, development of a touchscreen based iPod starting in 2006, and the relative BlackBerry-esque form factor of the new iPod Nano. However, there were still some reports that turned out to be false, such as its prediction of the demise of the Mac Mini, when it received an upgrade in mid-2007, albeit with no fanfare.[46]

TUAW (The Unofficial Apple Weblog)

The Unofficial Apple Weblog (TUAW) was founded in 2004, and claimed to be "a resource for all things Apple and beyond". TUAW published news stories, credible rumors, and how-tos covering a variety of topics daily.[47] TUAW was known for its rumor roundups, seeking to dispel false Apple rumors from around the web. On February 3, 2015, TUAW was shut down by its owners, Weblogs, Inc.[48]

The Apple Post

The Apple Post[49] launched in 2014 as an Apple news aggregator, and later reformed in 2016 to publish original content based on Apple products and services. The site offers news, rumors and how-to stories covering Apple's range of hardware, software and services.

The Apple Post was cited for sharing the first pictures of Apple's complete Apple Park Visitors Center prior to its official opening in 2017[50][51] and has been regularly featured within tabloid British newspaper Metro (British newspaper).[52][53]

Apple Scoop

Apple Scoop[54] is a non-profit news website founded in 2020 that focuses on bringing tech news (specifically related to Apple Inc.) to the public, ad-free. Apple Scoop first gained traction in 2020 from its now-popular Instagram and Twitter accounts. Apple Scoop’s website and CMS were designed from the ground up to create a better experience for users, and because its website doesn’t rely on ad revenue, Apple Scoop strives to "only publish a small amount of the most crucial stories per day."[55] Apple Scoop is run by a small team of volunteers from around the world.[56]

Macintosh User Groups

Macintosh User Groups (MUGs) are a group of people who use Macintosh computers made by Apple Inc. or other manufacturers and who use the Apple Macintosh operating system (OS). These groups are primarily locally situated and meet regularly to discuss Macintosh computers, the macOS, software and peripherals that work with these computers. Some groups focus on the older versions of macOS, up to macOS 9, but the majority now focus on the current version of macOS, macOS Big Sur. These user groups began with the formation of the Apple User Group Connection.

The Mac Observer

The Mac Observer is a website that publishes Mac, iPhone, and Apple related news, reviews, tips, and podcasts. The site was launched on December 29, 1998 by Dave Hamilton and Bryan Chaffin. The site has evolved from just providing news and reviews to now hosting popular podcasts, columns, and more.

History

The macobserver.com domain was registered on December 17, 1998[57]  and the site launched on December 29 of that same year. The Mac Observer came into existence when Dave Hamilton and Bryan Chaffin acquired Webintosh from Dan Hughes, an Apple-focused site which ran for three years prior.

Podcasts

Starting in 2005, The Mac Observer has been developing its own podcasts and continues producing them to this day. Current podcasts include Mac Geek Gab (hosted by Dave Hamilton and John F. Braun), Media+(hosted by Charlotte Henry), The Apple Context Machine (hosted by Bryan Chaffin), and The Mac Observer's Daily Observations (hosted by Kelly Guimont).

An Apple evangelist, also known as Mac(intosh) evangelist or Mac advocate, is a technology evangelist for Apple products.

The term "software evangelist" was coined by Mike Murray of the Macintosh division.[58] Apple's first evangelist was Mike Boich, a member of the original Macintosh development team.[59] Alain Rossmann succeeded him. Their job was to promote Apple products, primarily by working with third-party developers. Boich and Rossmann later took part in the founding of Radius together.

One prominent Apple evangelist is Apple Fellow Guy Kawasaki. Kawasaki is credited as being one of the first to use evangelistic methods to promote a computer platform through a blog.[60][61] Apple formerly had a "Why Mac?" evangelist site.[62] The page no longer exists, but the company subsequently ran Get a Mac, which gave numerous reasons why "PC users" should switch to Macs. Several third-parties still host and maintain Apple evangelism websites, many of which are listed above. The AppleMasters program was a similar endeavor in the late nineties.[63]

In the early days of the Macintosh computer, the primary function of an evangelist was to convince software developers to write software products for the Macintosh. When software developers need help from within Apple, evangelists will often act as go-betweens, helping the developers to find the right people at Apple to talk to. This role is now filled by the Apple Developer program, led by Phil Schiller.

Apple's official stance on speculation around any future product releases, is that they do not directly comment on such speculation nor discuss any products, until they are finally released.[64] Historically, Apple has often used legal means, such as cease and desist orders, in order to retain trade secrets, intellectual property, or confidential corporate information, when needed. Typically, Apple has primarily pursued the leakers of information themselves, rather than any sites containing rumors on their products.[citation needed] However, Apple's suit against Think Secret in 2005 targeted whether these sites have the right to knowingly publish this protected information.[65] Staff are also required to sign non-disclosure clauses within the company.

During his January 10, 2006 keynote address to the Macworld Conference & Expo in San Francisco, Apple's then CEO Steve Jobs poked fun at the rumors community by pretending to create a "Super Secret Apple Rumors" podcast during his demonstration of new features in GarageBand.[66]

On October 16, 2014 at an Apple Special Event keynote, Craig Federighi pretended to "triple down on secrecy" by hiring Stephen Colbert as "Supreme Commander of Secrecy." He poked fun at the "spaceship" rumors.[67]

  • Rumor

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