GameStop raises USD 551 mln to accelerate ecommerce growth

Tuesday 27 April 2021 12:36 CET | News

GameStop has raised USD 551 million through an equity offering as the video game retailer accelerates its shift to ecommerce, sending its shares 15% higher in extended trading on 26 April 2021.

According to Reuters, the company reported that it had sold 3.5 million shares in the at-the-market offering. Consequently, the average price of the shares sold was USD 157.43, and the company's stock has gained more than 850% in 2021 thanks to a push by retail investors to drive up prices of heavily shorted stocks.

Furthermore, GameStop stated that George Sherman will step down as its chief executive officer in the biggest management shakeup at the retailer, giving top shareholder Ryan Cohen more control.Cohen, whose RC Ventures owns nearly 13% of GameStop, is leading the company's transformation into an ecommerce firm that can compete with big retailers such as Walmart , as well as technology companies like Microsoft and Sony.

GameStop is a specialty retailer offering games and entertainment products through its ecommerce properties and thousands of stores. 

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Keywords: GameStop, funding, ecommerce
Categories: Payments & Commerce
Countries: World
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