GameStop Corp. is actively seeking buyers for its Canadian and French operations, following CEO Ryan Cohen's announcement via social media. This move aligns with the company's shift towards focusing on cost-cutting and long-term growth strategies, which were emphasized during Cohen's tenure as CEO since 2023. Although the company reported a profit of $17.4 million in the third quarter, sales have decreased, highlighting the need for strategic transformation. The ongoing efforts reflect GameStop's adaptation post-meme stock phenomenon as it reassesses its store portfolio.
GameStop Corp. is looking to sell its Canadian and French operations as it evaluates its international assets, the video game retailer said in a Tuesday news release.
Cohen became CEO of the company in 2023. At the time, he was already the board chair and the company's largest individual investor.
GameStop was one of the companies at the centre of the 'meme stock' craze on Wall Street, which saw struggling brands' share prices soar.
As of early 2024, GameStop had 203 locations in Canada.
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