Surprised the board has this guy as CEO still. I'm sure he had a sweet contract coming in after all the moonshot fun. But oof did he whiff it. The funniest thing he did, when all the wsb guys were waiting for the big squeeze to fuck the shorts, he goes and issues more shares haha
this post was submitted on 20 Feb 2025
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While it was fun to watch the GME stock shitshow, the fact remains that the short selling hedge funds were right: GameStop doesn't have a good business case anymore.
GME should have died years ago and this is just the people who are currently holding the bag trying to scrape some value off the bottom of the barrel.
Not going to lie, the GME Meltdown or whatever it was called sub on reddit gave me a lot of entertainment a few years ago, especially with the whole Bed Bath & Beyond saga and how the BBBY bag holders thought Ryan Cohen was going to save them too somehow.
Yeah, they should've transitioned to a very different business model a decade ago. Ideas:
- game lounge - host tournaments, and allow renting a room or something for gaming parties
- merch - they have some in their stores, but it's usually low quality crap for high quality prices
- rentals - rent an entire console + games and sell interesting snacks; that way I could play some console exclusives while mostly playing PC games
- stop selling used games, but facilitate game swaps/sales w/ a small commission (waived w/ other purchase)
I find myself only going to Gamestop occasionally to see if they have something I want for a decent price, and honestly, I've stopped bothering because selection is mediocre compared to online options, and the prices aren't any better.
Disagree with that. The company is dumb and Cohen failed in trying to make something out of it don't really care about that but I do have GameStop stock from the GME shitshow and there's no bags anywhere at least for most of us.
If the stock split never happened the stock would be worth $100 a share right now. Obviously something is wrong with that value estimation because it's definitely not worth that much.
I really just threw in my covid check but what really made me think it's still worth is the original guy who saw value when the stock was worth less than $7 doubled his position and still to this day is holding on. He knows more than me and he saw this happening and probably sees something else too that I don't understand so whatever I'm still holding a good amount of GME.
I really just threw in my covid check but what really made me think it's still worth is the original guy who saw value when the stock was worth less than $7 doubled his position and still to this day is holding on. He knows more than me and he saw this happening and probably sees something else too that I don't understand so whatever I'm still holding a good amount of GME.
But if you step back and see the forest for the trees, what place do they have in this economy when most new games are digital purchases and trend more and more toward that with each day? They aren't selling retro game and only deal with current stuff and their prices are insanely high compared to the digital storefronts. The chotchkis alone (Funko pops and TShirts) aren't enough to sustain all the overhead for a company this large. They've tried to branch out into PC gaming accessories but who's going to go there versus online?
But that's not what we're talking about. GameStop's success has nothing to do with what I'm waiting for. The stock isn't up because GameStop is a good company. In fact the opposite
Watch the Big Short easiest way to really explain. The stock was worth $7 then $400 then stock split. If the split never happened the stock would be worth $100 and that isn't because of the fundamental regular stock reasons it's because the dying company didn't die and now their valuation is fucked up.
But at the end of the day, tricks and manipulation can only get you so far. When quarterly filings show poor performance and stores start shutting down, I don't see how they (and by extension their share price) could possibly recover or increase. The issues they face aren't some temporary storm they have to weather, it's a permanent change in consumer's buying habits and the market as a whole. Even outside of retail sales, the entire gaming industry has been in shambles for several years now with no change in sight.
Again I 100% agree however..
The dude who saw it at $7 and said it was gonna pop, doubled down after $400 and still believes it'll pop again.
He knew the first time, he's smarter than me, he didn't sell. I am still in the green by like more than double where I was at the start. I'm gonna continue with my gut and believe this dude knows something I don't because so far he hasn't made me think otherwise.
Everything else literally anything else besides what I said in this post is noise to me you know?
I havent been in a gamestop for years, and it's entirely because of the people working there.
They have a talent of hiring the biggest assholes, trying to scam customers so they can give some gimmicks to their "friends".
Weird sales pitch. I'm not sure who he is trying to appeal to here?
I don't think any of these nutters have experienced the things they rail against. I'm not in the US, but from where I'm standing you guys haven't had any of that stuff since before Reagan.
DEI was policy during the Biden admin. It basically boiled down to employees having to take a yearly training telling us to respect coworkers backgrounds/identities and pronouns. It's not a bad thing and it sure as fuck didn't kill GameStop.
That really depends, a lot of orgs took it way too far by having hiring quotas and whatnot.
Our DEI thing was pretty straightforward. We already do something in the on-boarding process about psychological safety, so we just added some optional DEI sessions w/ free lunch where minorities would talk about their life story and struggles related to being a minority. That's it, and it was really enjoyable.
But yeah, it's completely unrelated to why Gamestop is selling stuff off. Their business is failing due to natural shifts in consumer spending patterns (who goes to gamestop to buy games anymore?), so they need to scale back.
thats what the space needs, a right wing game store that only sells xbox shooters and laughs are your K/D avg when you come in.
I'd stop shopping there if I had a time machine that could take me back to 2003.
I believe they call this "biting the hand that feeds". I don't think there are a load of heteronormative bros in there buying funko pops.
Appealing to the most willfully ignorant potential buyers is probably the only hope for this guy to sell this relic of the past