GameStop Gambling Series, As the World's Biggest Video Game Retailer
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GameStop is the world's biggest video game retailer. It supplies all kinds of games, consoles, and accessories from the biggest brands.
GameStop was founded in 1984 as Babbage's. It was later bought by Barnes and Noble for $215 million. The company became independent in 2004 and it took over more video game trading stores. It attained global status by 2007 with its numerous locations in countries such as Canada, Spain, Portugal, etc.
Gamestop's share price dropped to $3 in 2020. Reddit group WallStreetBets saw potential in the company's stocks and helped to drive its share value to about $20 by the end of the year. Hedge funds bet against the stock and lost a lot of money. The investors that shorted the shares incurred a market-to-market loss of $19.75 billion. The stock's price rose to around $40 per share in three weeks and then $76 five days later. It would go on to rise to an astronomical peak of about $483.
GameStop's revenue was $9.5 billion in 2012. The company's sales have been declining since 2017. New leadership has been appointed. The new chairman, CEO and CFO will be in place in 2021. GameStop hopes to improve its business by providing a wider variety of products and an improved shipment process.
Gamestop is facing fierce competition in the video game industry. Its major competitors are console companies like Sony, Nintendo and Microsoft. An increasing number of gamers are choosing to make their purchases online. However, GameStop is still far from finished as disc drives are still present in next-gen gaming consoles like PlayStation 5 and XBox Series.
