GameStop shares are up more than 800% since his declaration, and the value of Cohen's stake has skyrocketed to about $825 million. It’s unlikely that Cohen, or anyone for that matter, could have predicted what would play out over the next couple of months. "GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences–not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem." "Unfortunately, it is evident that GameStop currently lacks the mindset, resources and plan needed to become a dominant sector player," Cohen said in a public letter to GameStop's board of directors in November, blasting the stock's dismal performance at the time-it was down 85% over the prior five years. According to regulatory filings, Cohen-the founder and former CEO of Chewy, a booming e-commerce firm focused on pet supplies–spent about $76 million buying up more than 9 million GameStop shares at the tail-end of last year as he mounted an effort to restructure the Grapevine, Texas-based firm.
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