, the company operates 4, 413 stores including 2, 949 in the United States, 216 in Canada, 419 in Australia and 829 in Europe under the GameStop, EB Games, EB Games Australia, Micromania-Zing, ThinkGeek and Zing Pop Culture brands.
The company's performance declined during the mid-to-late 2010s due to the shift of video game sales to online shopping and failed investmts by GameStop in smartphone retail. In 2021, after retail investors noticed that the short interest well exceeded the float, the company's stock price skyrocketed. According to the SEC report, this volatility was only in part due to the shorts covering their positions, but mostly thanks to the massive buying power of retail investors. The company received significant media atttion during January and February 2021 due to the volatility of its stock price. The company is now ranked 521st on the Fortune 500.
In addition to retail stores, GameStop owns and publishes Game Informer, a video game magazine, transformed itself into an e-commerce business, and launched an NFT platform.
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GameStop traces its roots to Babbage's, a Dallas, Texas-based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin.
The company quickly began to focus on video game sales for the th-dominant Atari 2600. Babbage's began selling Nintdo games in 1987.
Babbage's merged with Software Etc., an Edina, Minnesota-based retailer that specialized in personal computing software, to create NeoStar Retail Group in 1994.
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The merger was structured as a stock swap, where shareholders of Babbage's and Software Etc. received shares of NeoStar, a newly formed holding company. Babbage's and Software Etc. continued to operate as indepdt subsidiaries of NeoStar and retained their respective sior managemt teams.
Babbage's founder and chairman James McCurry became chairman of NeoStar, while Babbage's presidt Gary Kusin and Software Etc. Presidt Daniel DeMatteo retained their respective titles. Software Etc. chairman Leonard Riggio became chairman of NeoStar's executive committee.
Gary Kusin resigned as presidt of Babbage's in February 1995 to start a cosmetics company. Daniel DeMatteo, formerly presidt of Software Etc., assumed Kusin's duties and was promoted to presidt and chief operating officer of NeoStar. NeoStar chairman James McCurry was also appointed to the newly created position of NeoStar CEO.
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NeoStar merged its Babbage's and Software Etc. units into a single organization in May 1996 amid declining sales. Company presidt Daniel DeMatteo also resigned, and NeoStar chairman and CEO James McCurry assumed the title of presidt.
In September of that year, after NeoStar was unable to secure the credit necessary to purchase invtory necessary for the holiday season, the company filed for Chapter 11 bankruptcy and appointed Thomas G. Plaskett chairman while James McCurry remained company chief executive and presidt.
The leadership changes were not ough; in November 1996, the assets of NeoStar were purchased for $58.5 million by Leonard Riggio, a founder of Software Etc. and chairman and principal stockholder of Barnes & Noble. Electronics Boutique had also bid to purchase NeoStar, but the judge presiding over NeoStar's bankruptcy accepted Riggio's bid because it kept op 108 stores more than Electronics Boutique's bid would have. Approximately 200 retail stores were not included in the transaction and were subsequtly closed.
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He appointed Richard "Dick" Fontaine, previously Software Etc.'s chief executive during its expansion in the late 1980s and early 1990s, as Babbage Etc.'s chief executive. Daniel DeMatteo, previously the presidt of both Software Etc. and NeoStar, became company presidt and COO.
Three years later, in 1999, Babbage's Etc. launched its GameStop brand with 30 stores in strip malls. The company also launched gamestop.com, a website that allowed consumers to purchase video games online. GameStop.com was promoted in Babbage's and Software Etc. stores.
Because Babbage's Etc. was principally owned by Leonard Riggio, who was also Barnes & Noble's chairman and principal shareholder, a special committee of indepdt directors of Barnes & Noble Booksellers evaluated and signed off on the deal.
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A few months later, in May 2000, Barnes & Noble acquired Funco, the owner of Ed Prairie, Minnesota-based video game retailer FuncoLand, for $160 million.
Babbage's Etc., which had be previously operating as a direct subsidiary of Barnes & Noble, became a wholly owned subsidiary of Funco.
Barnes & Noble retained control over the newly public company with 67% of outstanding shares and 95% of voting shares. Barnes & Noble retained control over GameStop until October 2004, wh it distributed its 59% stake in GameStop to stakeholders of Barnes & Noble, making it an indepdt company.
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In November 2014, Draw Another Circle LLC, a company controlled by merchandising executive Joel Weinshanker that also owns Hastings tertainmt, purchased MovieStop.
In October 2012 at Grapevine Mills in Dallas, GameStop introduced GameStop Kids, a pop-up retail concept. The brand, which had 80 locations in shopping malls during the Christmas and holiday season, focused on childr's products, and carried only games rated "Everyone" by the ESRB, along with merchandise of popular franchises aimed towards the demographic.
In July 2014, GameStop's Australian Division EB Games Australia introduced ZiNG Pop Culture—a pop culture retailer. ZiNG Pop Culture has since expanded to over 50 standalone stores as well as numerous large format hybrid stores, which include both an EB Games and Zing Pop Culture store in a single location with an expanded selection of games merchandise.
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Daniel DeMatteo replaced Richard Fontaine as GameStop CEO in August 2008. DeMatteo had served as company COO since 1996. Fontaine, who had be GameStop chairman and CEO since 1996, remained the company's chairman.
The market for physical game media has be in a state of decline due to downloadable games on services such as Xbox Live, PlayStation Network, Nintdo eShop, and Steam.
This has resulted in a decline in sales at GameStop. In 2017, GameStop reported a 16.4% drop in sales for the 2016 holiday season, but expressed optimism in its non-physical gaming businesses.
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In February 2017, it was revealed that GameStop forced, on all of its retail employees, a program known as Circle of Life. The policy itself was made to sure that each employee would allow a certain perctage of their sales to pre-orders, rewards cards, used games, or have a customer trade in a game.
Upon revelation of the policy, many currt and former GameStop employees revealed stories of how the policy has led to them lying to customers. Many more claimed that the policy had led to poor working conditions and emotional distress.
Later that month, GameStop reformed the program to solely focus on the store as a whole instead of the previous individual employee basis, though still maintaining a heavy emphasis on the individuals' performance to maintain strong store metrics.
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On the same day, however, GameStop said it planned to op 65 new Technology Brand stores and 35 Collectibles stores due to a 44% and 28% increase in sales, respectively.
Business Insider described GameStop's investmt in Spring Mobile as a failure, with estimates that the company spt $1.5 billion on acquisitions on Spring Mobile and store locations, but only gained $700 million from the sale of Spring Mobile to Prime Communications in 2018, leaving them $800 million in debt.
In late June 2018, GameStop confirmed talks of a possible sale, with Sycamore Partners, a private equity firm, the most likely buyer,
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However, on January 29, 2019, GameStop reported it had stopped looking for a buyer for the company, due to a "lack of available financing on terms that would be commercially acceptable to a prospective acquirer", and was looking for other actions to help re-establish its financial ground.
In December 2021, GameStop posted a larger-than-expected loss in the fiscal third quarter, and investors are waiting to hear how the ailing company plans to restructure its operations and tice gamers back. In extded trade, shares plummeted.
After being on medical leave since November 2017 due to reoccurrce of a brain tumor, J. Paul Raines resigned from GameStop on January 31, 2018, and died on March 4, 2018.
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On May 11, 2018, Mauler resigned due to "personal reasons" and chairman Dan DeMatteo was named interim CEO. Mauler did not take any severance package or separation befits.
On March 12, 2020, it was announced that a group of shareholders including Hestia Capital Partners LP and Permit Capital terprise Fund LP st a "threat" letter to the Grapevine, Texas, company's board, urging it to appoint a stockholder represtative as a director.
In July 2019, GameStop partnered with an outside design firm, R/GA, to put forth plans to revamp stores to focus on competitive gaming and retrogaming, and to introduce new ways for customers to try games before buying them.
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In August 2019, GameStop laid off over 120 people, including about half of the staff of Game Informer, as part of its "GameStop Reboot initiative".
In August 2019, Michael Burry's investmt firm Scion Asset Managemt st a letter to GameStop executives urging the company to gage in a $238 million stock buyback. The letter also revealed that Scion owned approximately 2, 750, 000 shares, or about 3.05% of GameStop. The stock price of GameStop, which had be in steady decline in share price since late January 2019, spiked roughly 20% after Burry revealed that he was buying the stock in an interview with Barron's. In the interview, Burry explained
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