Gamestop Financial Issues

[Dragon Lord]

Oof. How the mighty have fallen. RIP Reggie.

From the sounds of your previous post, it sounds like Gamestop wants to be more of a Game Cafe. I wonder if trading in a PS5 would be enough for a $1 cup of coffee or if you'd have to add 10 games in with it. 

[Moonface]

Oof. How the mighty have fallen. RIP Reggie.

The guy took interest in working with a company he thinks is important to the industry he loves and somehow that's a fall from grace? The guy could have stayed retired and not given a shit about trying to help out.

[Dragon Lord]

That would have been a better option for him, instead of tarnishing his reputation by trying to help out one of the scummiest businesses you'll find in the United States. But hey, if he wants to dirty his image by helping them out, that's his business. I would have just thought he'd make a wiser choice than that.

Speaking of Gamestop being run by idiots, the Governor of Pennsylvania has revoked Gamestop's operating license in the state because they thought they could outsmart the government by filing for Essential status during the lockdowns and get around having to close. Hopefully Pennsylvania's governor keeps it revoked for longer than the lockdowns last, just to punish Gamestop for being the shit company they are. Would be great if this whole Coronavirus ordeal finally lead to the permanent death of Gamestop. At least that way the virus would have done one good thing for the world.

[Moonface]

I heard it was going to be revoked if Gamestop and any other non-essential business was still open the morning of March 23rd, and is why Gamestop conveniently closed all their stores yesterday across the country. So I don't think the governor is going to actually punish them in any way now.

[Moonface]

Reggie has been appointed as a member of Gamestop's Board of Directors:

Highly unexpected, but if this can't benefit Gamestop I don't know what will.

Well, so much for this. Just barely over a year later and he's now retired from this position. Looks like he isn't alone either:

Fils-Aimé is one of eight directors who are set to retire from the board at GameStop's 2021 Annual Meeting. The remaining board members will largely be made up of directors relatively new to the board, with many of the company's more established directors leaving along with Fils-Aimé.

Doesn't appear to be any reasons stated, and I can't say I know a lot about how BoD's work, but eight established people leaving all at once doesn't paint a great picture to me, especially when three of them including Reggie only got appointed a year ago. Either that or the whole stock thing going on with Gamestop managed to get all those people with a nice retirement package so they're taking their winnings and cashing out.

[Karo]

....what if game stop just stop being a business and just becomes a valuable stock?

[Moonface]

....what if game stop just stop being a business and just becomes a valuable stock?

I don't think it could be a stock without being a company, and the company as a name alone isn't enough because it needs to run as a business to be worth anything to invest stocks in.

[ShiraNoMai]

I think the company is just super on its way out now. It was already expected to be shorted (which lead to the whole Reddit thing) and now that that whole fiasco blew over, it's going back to the previous state and possibly worse.

[Karo]

Well by shorting it they were helping to make it go bankrupt and looking back at the stock it's back to about 194 per stock which isnt as high.

Frankly I'd like to see game stop stay alive not because I like their service but as an eternal fuck you to the capitalist parasites.

[Moonface]

I wonder if what happened with the stocks would end up hurting Gamestop in the long run, in the sense that anyone who would potentially buy stocks won't because of how volatile the situation has been and with the knowledge that it has been a target of shorting and could be again.

I'd also like to know how those new store ideas worked out, but it might be hard to get good data on that when most of those ideas were launched close to the start of the current pandemic.

[Moonface]

Man, it has been a while since anything about this situation was making the news at all. So a fiscal report came out today from GameStop which indicates the company has generated a profit instead of a loss, and I think this is the first time they've done so since their troubles started: https://www.reddit.com/r/Superstonk/comm...scal_year/

While I don't care for GameStop one way or the other I'm happy that the people who tried sending it into the ground didn't get their way.