TIL 19: No stopping this Game
Today I learned that back in 2020 during peak COVID shutdowns, GameStop top executives volunteered to take a pay cut of 50%, while their co-founder and Ex-CEO Ryan Cohen “declined to receive any compensations for his services as a non-employee director.”
BTW Gamestop, with its newfound Capital last year, has some ambitious plans in the coming months. Ryan Cohen wishes to turn Gamestop into the Amazon of Gaming industry.
This means heavy investment in its online infrastructure, shifting to e-commerce from its brick-and-retail stores.
The company is also on a hiring spree of ex-Amazon execs and plans to hire a new CEO soon.
Imagine last year this was the same company on the verge of bankruptcy at the risk of being short by Wall Street. And now a bunch of Redditors has breathed a whole new life into this dying enterprise.
But getting into Online retail would be tough simply because there are too many players out there, and literally, no newbie wishes to compete against the likes of Walmart and Amazon. A lot of people think Gamestop sticking to its physical stores would have been better since it could’ve built its own niche.
Oh well, only time will tell. But so far with where they’ve come, good for you Gamstop. You go, girl!