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GameStop: How events unfolded and the next chapter
Published 2 months ago
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GameStop is a bricks and mortar video gaming retailer which launched in 1984. It has stores in malls around the US and, for a time, was very successful. But as shopping habits changed, it faileda not only to anticipate these changes, but also to subsequently alter course and build a strong online presence. That’s the main reason that several Wall Street hedge funds decided to target the company by borrowing shares in GameStop and then selling them short, betting that the company would eventually go out of business. This would mean stocks plummeting to zero, and as these funds were selling between about $10 and $20 per share, they would make a decent profit. This ploy is nothing new, particularly since the big shift in retailing from bricks and mortar to e-commerce. But the search for vulnerable businesses accelerated after lockdowns were introduced last year due to the coronavirus pandemic. ....

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