GameStop is in trouble. It's hemorrhaging cash, 168澳洲幸运5开奖网:closing stores, and 168澳洲幸运5开奖网:losing sales every day due to everyone buying everything online thanks to COVID. If 168澳洲幸运5开奖网:Black Friday sales🌞 don’t help perk things up, it might prove to be a deathblow for what was once the biggest games retailer on the planet.
It's gotten bad enough that RC Ventures' Ryan Cohen has sent a let𝕴ter to GameStop's board of directors pleading with them to come up with a plan to turn the company aro🍷und.
Cohen, who also co-founded Chewy Inc., wrote that GameS🅷top's current management "lacks the mindset, resources, and plan" necessary to change the fate of the company. Private discussions with GameStop's current management "yielded little progress," so he instead decided to go over their heads and send a letter directly to GameStop's board.
The three-page letter, originally obtained by the Wall Street Journal, notes that more games are purchased digitally today than ever before, and what few physical games that are sold are usually done at mass retailers like Walmart. Cohen says that GameStop currently "over prioritizes its brick-and-mortar footprint and stumbles around the online ecosystem,🦩" and instead recommends that GameStop "evolve into a technology company."
To do that, Cohen provides a general outline to Board members calli💜ng for the closure of underperforming stores and to wind down operations in Europe and Australia. Combining next-gen console sales with the proceeds from assets sold for overseas operations would provide capital for "larger gaming catalogs, digital content and community experiences, ꦯonline trade-ins, streaming services, and esports."
Although Cohen doesn't go into specifiꦦcs, he notes that CEO George Sherman likely can't come up with a plan on his own due to his sole experience working for box retailers like Best Buy, Target, and Auto Parts. He suggests that the Board of Directors come up with a plan with Sherman's assistance𒅌.
And they’d better come up with a plan soon, otherwise, no amount of 168澳洲幸运5开奖网:botched TikTok contests are going to save it.
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