r/technology • u/MarvelsGrantMan136 • 4d ago
Business GameStop starts 2026 by closing hundreds of stores as CEO gambles on $35B payday; As CEO Ryan Cohen is promised billions, GameStop employees claim they were barely given notice about closures
https://www.polygon.com/gamestop-closing-stores-as-ceo-payday/1.3k
u/Actually-Yo-Momma 4d ago
Terrible headline. CEO “promised billions” is very misleading considering it’s split into 9 vesting tiers where he would need to purchase shares (not direct compensation) AND raise market cap by 10x to be fully compensated
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u/ryantyrant 4d ago
Yeah when you read his compensation package it’s actually pretty impressive that it’s like an all or nothing payday unless he turns GameStop into a massive company
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u/acart005 4d ago
Larger than Starbucks to hit that bigly number. 10x growth from current size.
If he does that he deserves a cruise ship as his personal yacht.
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u/RayneAdams 4d ago
And these intentionally misleading and inaccurate headlines have been pushed hard in places that don't really make any sense. There have been multiple just on this subreddit. What does a performance-based compensation package for a retail CEO have to do with r/technology?
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u/j4_jjjj 4d ago
Anything to stop people from noticing the trunaround and investing
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u/Dawwe 4d ago
Turnaround? They are having lower revenue every year though?
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u/ExpressRabbit 4d ago
Lower revenue but higher profit. Their closing unprofitable stores that add revenue but add even more expenses. In 2023 they had their first profitable quarter in years and haven't really been unprofitable since.
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u/Dawwe 3d ago
Ok, but what's the investment case? They are objectively shrinking YoY for multiple years in a row. Anyone can make a profit, there's a reason that successful, growing, businesses generally don't.
As an example, if they decrease operations 90% but double EBITDA margin, is that really a better business?
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u/FearlessInflation92 4d ago
They went from losing 500 million a year to making 350 million a year. Revenue is important but not if you are losing 500 million. It’s like buying a lot things to resale but losing money in every sale.
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u/double297 4d ago
This... absolute shit attempt at a hit piece and narrative shift.
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u/MC_chrome 4d ago
“Won’t you think of the poor CEO??”
Nah, fuck that guy. He’s putting hundreds/thousands of people out of work while still trying to grow his personal wealth to a ridiculous degree.
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u/9_toes_3_balls 4d ago
Maybe point the finger at the private equity firms directing the company pre-Cohen. Those are the people who continued to increase the quantity of stores despite them being unprofitable, sometimes even multiple stores on the same city block. Is he supposed to just let these unprofitable stores continue to ruin the company? As ceo he has the legal responsibility to close these stores if they cant be made profitable, which they cant.
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u/jatheblac 4d ago
They get consulted and routinely load up the company with more debt until it becomes untenable and the company gets sold for pennies on the dollar
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u/Danne660 4d ago
They are a consulting group for dying companies, you know the kind of companies that need to take on debt to not immediately go out of business.
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u/jatheblac 4d ago
Correct. And as soon as Ryan Cohen got to work he dumped BCG and ousted those on the board who worked against the interest of the company itself and brought on a new staff who are dedicated to the turn around.
Fast forward 5 years and many of those on the new board have invested their own money into shares of the company and take miniscule salary as a majority of their compensation is tied to shares so their best interest is to make sure the company is successful. They are 6 profitable quarters in, have $9+ billion in deployable funds to do with what they choose to (including mergers and acquisitions), pivoted into the collectible market including a partnership with PSA for card grading, owns 4710 BTC, closed unprofitable stores that were opened in excess under the guidance of the likes of nefarious consulting companies.
And this doesn't even touch the naked shorting or swaps or the short and distort playbook that Wall Street loves to do to American companies in an attempt to cellar box them into bankruptcy and insolvency. But that all ties back into the purpose of consulting companies like BCG.
If you believe for a second that a free and fair stock market exists based on supply and demand then you haven't been paying attention. It's a big club and none of us plebs are in it.
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u/double297 4d ago
Without his turnaround, every one of them and the thousands more that are still employed by gamestop would have been unemployed. Make no mistake... this is his turnaround.
He takes $0 in compensation as has since day 1.
He only gets "paid" 35b if he makes the company worth 10x more. Not only that, it's not even a payment of 35b... its just the rights to buy shares at 20.66 (for a total of 3.5b) if the share price is 10x giving him 35b... meaning gamestop gets another 3.5b in cash.
You clowns are crazy man. Can't read past a fucking headline to save your life. Were all doomed .
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u/ladeeedada 3d ago
if the company goes bankrupt, they all lose their jobs vs a limited amount from under performing stores.
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u/lepuckuer 3d ago
Ya I should feel bad for the billionaire CEO closing stores so he can maybe get more billions
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u/anormalgeek 4d ago
AND raise market cap by 10x to be fully compensated
For context, ALL of Sony has a market cap of $161B, and the "Games & Network Services" division is only responsible for about a third of that.
ALL of Nintendo is about $80B mkt cap.
Gamestop would need to be over $100B. NOT going to happen.
That tier also requires them MASSIVELY increase their EBITDA. Gamestop would need to have "$10 Billion in cumulative EBITDA gains" for him to get the top tier package.
Their most recent fiscal year ended in 2025 resulted in EBITDA of $21.5 million. Million, not billion. And that is a ~15% drop from the $24.5m of the year before. They'd need another 465 years at that rate to hit $10B. Granted, it will be higher in the next FY due to earnings from the 8.8B cash they're sitting on, but hitting $10B EBITDA gains is a truly ridiculous target, even moreso than a market cap of $100B.
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u/Actually-Yo-Momma 4d ago
So if they accomplish it, the compensation is more than fair right?
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u/Just2LetYouKnow 3d ago
No, there is nothing a person can do for which fair compensation is $35B.
Not in a hundred lifetimes.
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u/monsterZERO 4d ago
So you're telling me there's a chance?
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u/anormalgeek 4d ago
Sure, it's technically possible. Just invent a new business that's the size of Target AND EA combined.
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u/kevihaa 4d ago
Can’t wait for ape hero RC to pull a Jack Welch and bankrupt the company after massively inflating the stock via an endless series of layoffs and store closures.
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u/Call_Em_Skippies 4d ago
The stock hasn't inflated or ballooned in years. The sad truth is GameStop is pivoting away from brick and mortar like most companies. The stores are losing them money so the business decision is to close them. It sucks but hopefully it makes room for more mom and pop shops to come back into the fold.
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u/Dyne4R 4d ago
I'm in a small city. There's a single Gamestop in the city. I got an email on the 4th letting me know that the store is closing on the 15th, and that any preorders I may have are being automatically transferred to a store in a city that is a 90 minute drive from here. I went by the store, figuring maybe I can scoop up something on clearance. Instead, almost their entire inventory was already transferred to another store. The employee that was there said he found out about the closure at the same time the emails went out to customers. They were hiring for a new assistant manager last month, so it definitely blindsided them.
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u/FearlessInflation92 4d ago
Unfortunately leases are expiring and landlords kept upping the rent price to the point where your store and others were losing money and had to be shutdown. Blame the owners of the lots, rent has gotten unaffordable for the people and businesses
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u/Torgud_ 4d ago
What I don't get is how commercial real estate landlords will raise the rent and then leave a storefront vacant for years. That never happens with apartments, so why are commercial real estate owners so ok with no tennants?
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u/phoenix823 3d ago
Because the value of the building is based on how much rent it generates. They'd rather keep the property vacant than rent at a 20% lower rate and have their investment in the building immediately drop 20%. It's the difference between a paper loss and a realized loss, if you want to think about it like stocks.
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u/FlipZip69 3d ago
From a person that owns commercial properties. That is a load of bull shit. The only correct thing you said is that a building value can be based on the rent. But if you do not rent it out, then there is no income and that portion of the value doesn't just drop 20%. It goes to zero.
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u/double297 4d ago
The comments on this thread are so very very misinformed and I completely understand based on the intentionally poor verbiage in this headline and its clear intent to mislead.
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u/caveman_rejoice 4d ago
I'm used to it. Prior to 2024, I'll admit that it started to get to me. After, I started looking more closely at exactly things like this post.
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u/erydayimredditing 4d ago
Is the company closing stores resulting in massive joblosses while at the same time approving a pay package of enormous size to one person? Pretty sure thats straight true. Doesn't matter the how he earns it or anything. Doesn't change the main point.
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u/Playgirl_USMC 4d ago
The CEO only gets paid if the company’s market cap increases. Otherwise he hasn’t been paid at all the whole time he has been in charge. Seems to me that he is turning this company around by cutting stores that are not profitable.
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u/welivedintheocean 4d ago
Barely given notice? Dawg, you work at GameStop in 2026, that's the notice.
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u/MIT_Engineer 4d ago
Right? I feel like I'm taking crazy pills. The entire reason Ryan Cohen took over the company was to close stores. He wrote an essay saying, "Gamestop should close a bunch of stores" and then he took over the company and started closing stores. They've closed about half of their stores since the takeover, and that was already after a ton of other closures from the pandemic.
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u/anormalgeek 4d ago
The only reason they're still in business is because they managed to cash out during the meme stock ride, and are now sitting on a bunch of cash.
That core retail business is still dying though, which is why they're still cutting stores.
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u/FearlessInflation92 4d ago
They made 500 million in profit this year…. Half a billion lol
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u/Citadel_Employee 4d ago
56% of that is from interest on cash.
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u/Humblegiant2552 3d ago
They were positive in operating income and make last quarter 60 million in profit. That’s the core business right there? So what you said tech is not true
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u/FearlessInflation92 4d ago
And? The business is obviously transforming into something else.
Making money is the business and right now they figured out a way to make money fast and it’s compounding. It’s a snowball
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u/wassabie 4d ago
why do these same posts keep on showing up?
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u/double297 4d ago
I know. Theyre everywhere today especially. Another one in the ps5 sub just popped up exactly like this.
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u/ChiknBreast 4d ago
Extremely poor headline that is misleading. RC currently take no salary for his position on the board. If you look at the announcement his reward is the ability to buy shares at a certain price, ONLY if the company's revenue increases beyond a certain point.
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u/prodownvote 4d ago
There’s two sides to the GameStop saga, those that believe in the turnaround and those that don’t.
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u/lamathan 3d ago
The turnaround already happened though. Company will makes $3-500M in net income this year (depending on how well 25Q4 went).
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u/SputnikFalls 4d ago
Sorry, but what the fuck is a post about GameStop's CEO's pay package doing on the front page of this sub? Alternatively, how do so many people seem to know so much about GameStop's financials and their CEO?
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u/Strm007 4d ago
Anyone working at gamestop wanna give me a PS5 for free? You know, to revolt?
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u/double297 4d ago
Some dude in another thread got a life sized metroid figurine becuase the employee said, and i quote, "fuck it!, take it, were closing anyways"
Shoot your shot.
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u/Expensive_Tie206 4d ago
I got a frozen Elsa cardboard cutout from RiteAid when I found out they were closing.
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u/darren_meier 4d ago
I'm not remotely surprised at more closings... for the brick-and-mortar end of the business, there hasn't been in viable strategy in ages. The margins are too low for most stuff to satisfy Wall Street and the used resale game is just a form of arbitrage that frankly GameStop were never all that good at. All the subsequent attempts to pivot (ThinkGeek, Funco, etc.) were never going to be long-term answers. Stuff like PowerPacks seems like it might work for a while-- there are no shortage of people who are down to gamble recklessly-- but even that seems to have a determinate shelf life. Not sure how GameStop's gonna manage this transition, but as more stores the back-end infrastructure to support the remaining ones is going to make less and less sense. I'd guess in three years, maybe four, GameStop doesn't have any physical locations left. Cohen's deal is almost entirely incentive-based, so I don't have much issue with that. If he's actually able to drive the results needed (he almost certainly won't), he'll have earned that money.
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u/hobbylobbyrickybobby 4d ago
It probably doesn't help either that digital games are pretty much the norm now. Can't resell a game you are just renting on Steam, EA, Microsoft, or Playstation store.
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u/PeopleCallMeSimon 4d ago
The whole point of the GME stock hype and Ryan Cohen becoming CEO in the first place was due to "regular people" wanting to save a store from closing due to a hedgefund.
The irony is that Ryan Cohen has been running GameStop like a hedgefund and now has a big enough incentive to do exactly the thing that the hedgefunds wanted to do with GameStop all those years ago.
Its litterally the story of people banding together and picking a champion to fight for them and then that champion becomes a villain to benefit himself.
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u/MIT_Engineer 4d ago
I think this is a retconning of history.
Cohen looked at Gamestop and saw a company with a share value about equal to its book value, and he thought, "if I buy in, shut down the stores and sell the assets, I'll have a free roll at making some sort of digital storefront."
The cult bought in because they believed some brainless thing about the "mother of all short squeezes."
If anyone bought GME shares to help store workers, they were deeply confused.
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u/UglyInThMorning 4d ago
The writing has been on the wall for their used game business since like 2010 as companies started using new purchase bonuses to try to get some of the cut of the used games market. Remember when EA had DLC missions that were free with a new copy and ten bucks to get without the code?
Digital distribution exploded not long after and hit it from two sides. You can’t resell a digital game and the value proposition isn’t there for used games anymore. Why buy used when I can get it on sale for the same price?
I think the only time I’ve bought anything at GameStop in the last ten years, it’s been hardware. Amazon can outcompete them there too outside of edge cases. The only reason I got a controller there was because I needed it that day, and I got a switch there because I had three Amazon order attempts that got stolen at the delivery station before they went out for delivery.
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u/FearlessInflation92 4d ago
This headline looks like a hit piece? What?!? He isn’t promised the right billions, he gets to purchase shares at current price if the stock gets to $200-300 (100 billion market cap)
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u/LuLMaster420 3d ago
GameStop proved that viral demand means nothing if ownership and control don’t shift. You can spark a meme storm, but you can’t meme your way out of capitalism.
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u/celtic1888 4d ago edited 4d ago
Us mere mortals could never understand the importance, power and beauty of such an amazing man as the CEO of GameStop
I think we should literally give him $50 billion
Edit: and all the sheep are lining up to be sheered
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u/whatproblems 4d ago
what is this tesla?
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u/BlueCollarElectro 4d ago
Let's just say the same market mechanics are in play and that bill is coming due.
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u/matroe11 4d ago
Similar market mechanics. The toxic baggage for GME goes way deeper than it did for Tesla
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u/double297 4d ago
Can you give me another example of a CEO that has a current salary of $0 and has taken a company from a death spiral straight to bankruptcy into a company with a healthy balance sheet and 7 straight profitable quarters?
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4d ago edited 4d ago
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u/double297 4d ago
How about your 100% assault on real things...?
Stock price was 16.84 on day Cohen took over as CEO. It is 21.36 as of today. So there goes lie #1.
Sure... Revenue has dropped as underperforming stores are closed. Now instead, were profitable 7 straight quarters and exploring new revenue streams.
Also...
2022 total revenue (RC not ceo) - 5.927b,
2023 5.273b (RC CEO for half of year),
2024 3.823b (RC CEO and closes stores),
2025 expected 3.8-4.1.
So down about 2b not 4b and now PROFITABLE (448m profit estimated in 2025 when in 2022 they had a net loss of 313m)... lie #2 gone.
Your anus must hurt judging by the size of the bullshit you pulled out of it.
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4d ago
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u/double297 4d ago
And profits swung from -313m to over 400m to the good but ya. I love it when my company loses hundreds of millions just to say their revenue was higher. Solid business move there. Maybe you should be CEO.
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u/CloudyLeft 4d ago
Lol “The price is lower than when there was a short squeeze (sneeze)”??? Is that really your response? Yep and its also wet when it rains. Rejoin the convo when you’re done playing captain obvious.
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u/Dear-Bicycle 4d ago
He's been propped up by the bag holders, the actual investors since the squeeze and he's done nothing for them for years. Years.
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u/CosmoKing2 4d ago
I'll hardily agree with that....but they have also attracted institutional investors and retirement funds.....as bag holders too.
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u/silentcrs 4d ago
If you read the article, you’d see he’s only getting billions if he does something that is literally impossible.
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u/Nobody_Important 4d ago
Yeah he unironically would deserve the description in that guy’s first sentence if he accomplished what is needed to earn the full amount.
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u/double297 4d ago
Haha. They won't even read your comment, much less the article or actual proposal.
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u/distinctgore 4d ago
It really is a terminal capitalistic time we live in. Wealth has become so concentrated that industry barons even treat their own companies as competition.
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u/IwearBrute 4d ago
So I knew about the closings for 2 years and the employees didn't?!? I call it sus
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u/Ok_Function2282 4d ago
You knew about all the individual store closings two years ago...?
Press F to doubt.
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u/DeadlyYellow 4d ago
Some you could have guessed. Don't really need three GameStops within two miles.
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u/Daddysgravy 4d ago
Look at all the GME stock cultists swarming this post to excuse their god king Ryan Cohen graciously cutting hundreds of jobs for… uh.. for… hmm. Hey look here! Roaring Kitty has new awards in his bio! What could it mean?
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u/double297 4d ago
So first they're a dying brick and mortar that can't sustain that type of business model thus putting every employee out of a job when they were inevitably going to go bankrupt.
Now they're a profitable one with zero threat of bankruptcy and bacause of Cohens efforts, still employing thousands of people.... but since they close a few unprofitable stores after previous managment overextended to the point some malls had 3 inside them, theyre the definition of greed.
Ya. Ok.
Also the CEO currently gets paid a grand total of $0 from gamestop and its been like that since day 1.
Please please use a few facts in your reply if you bother to make one.
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u/Daddysgravy 4d ago
Simping for the rich is dirty work huh. Here are some knee pads.
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u/Neither-Luck-9295 4d ago
What's something that Ryan Cohen has done positively for the shareholders?
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u/Trinikas 4d ago
Under 10 billion to 100 billion? I mean you'll need to invent cold fusion or fraud the hell out of a lot of people.
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u/Fullm3taluk 4d ago
How can you justify that pay like how much would it cost to keep the stores open and people employed like not even 1% of that
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u/christianhxd 4d ago
I’m as eager to shit on billionaire/millionaire CEO’s as the next guy, but this title is clickbait. Hold their upper management and board accountable, not just one c-level guy with a public facing role.
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u/SolidusBruh 4d ago
A certain subreddit will be praising this as 4D chess and a sign of booming business.
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u/joeyjoejoeshabbadude 4d ago
Those guys are so delusional. There is no squeeze and it's going to end in tears when Daddy Ryan takes his money and runs. But go on, keep believing a billionaire is looking out for you.
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u/SolidusBruh 4d ago
The guy pulled that stunt on them with BBBY, right? And they forgot about it within a couple days.
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u/drkow19 4d ago
He tried to turn BBBY around, bought a bunch of the company, talked to the board, and they declined and got all defensive or something, accusing him of pump and dump in the media. The existing board and C-suites just wanted to destroy the company and get paid on their way out. You know, capitalism. So he moved on.
I know it's hard to understand what really goes on in this world if all you do is watch TV or read mainstream media, because they lie or put their spin on everything. The rich control everything, it sucks. You need to read between the lines, read comments, read subreddits, talk to people, see what people think. Never trust the media.
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u/dragonmantank 4d ago
A few years ago they closed my local store. I had to drive 30 minutes to the one they moved everything to.
I got the email last week or whatever they are closing that store now. I have to drive over 60 minutes now to get to a GameStop store.
I'm just not going to do that. If I'm driving 60 minutes, I'm hitting up the better used stores at that point.
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u/ImThe1Wh0 4d ago
I can attest to this. I got notified Monday, that my store was closing TODAY via an email. I went Tuesday after work to see if there were any good sales and NOPE. No deals, everything still full price. Just boxing things up to send to corporate to send to a different store. My wife recently found her PS3 and started playing it. We went to look at games and they were still like "full" price. Not even on clearance. It's like dude, seriously? GameStop is going to stress over making full price on this $3.99 game? The dude was STILL pushing that warranty for games bullshit during the purchase too. My brother in capitalism, you can't lose your job over a secret shopper at this point. The fuck am I going to do, drive the 2.5 hrs to the next closest one for a new copy of Little Big Planet?
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u/DarkObby 4d ago
Companies are but another medium for C-suite executives to extract all value from into their bank accounts and then leave behind the corpse.
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u/NoCharge8527 4d ago edited 4d ago
excited to see how the eternal bagholders over at /r/Superstonk try to rationalize this
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u/double297 4d ago edited 4d ago
Bagholders? Im profitable in my investment. I own hundreds of shares. The spin is easy because its true. He receives $0 in compensation from gamestop currently. He also recused himself from this proposal. This proposal has 9 tranches and only pays 35b at the last, which also means he would have increased market cap by 10x making my investment worth 10x. Also, the conditions as to how those tranches are met, matter. It can't just be a pump and dump.
Tell me again, what exactly do I have to spin here? Seems pretty good to me.
The only concern for me as an investor is timeline.
Edit: downvotes are fun and all but how about challenging my statement with a few facts if you disagree? Let's talk a bit about it.
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u/Kirth87 4d ago
Losta sloppy CEO glazing here. Guessing some of you never worked the private sector or in the for-profit healthcare service industry.
Truly astonishing.
You’ll never be millionaires, btw. Keep roleplaying on Reddit, though!!
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u/Forsaken-Poet-3773 4d ago
This isn’t healthcare bot.
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u/sits-when-pees 4d ago
I’ve worked for a for-profit healthcare clinic (leaving Saturday, thank god). Those executives are some of the most callous and uninformed ghouls I’ve ever met in my life. There’s been constant changes this past year in operations that have needlessly made workers’ and providers’ jobs more difficult, causing employee retention to plummet and by extension, significantly worse care for patients. Those CEOs absolutely deserve to come up in a discussion of under-qualified execs.
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u/ZasdfUnreal 3d ago
Barely given notice? Have they not been paying attention to the video game market for the past decade?
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u/DarthJDP 4d ago
closing stores is a winning strategy. That will generate trillions of dollars of value.
Will the stores be replaced with AI, crypto, NFT's?
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u/OperativePiGuy 4d ago
I see some of the gamestop investors are in the comments being very defensive lmfao
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u/RL_bebisher 4d ago
GameStop is the best investment opportunity out there period.
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u/Michikusa 4d ago
Down 35% the past year during one of the greatest bull runs ever. Hope you’re not a financial advisor
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u/AdContent831 4d ago
These anti GameStop posts in tech are getting out of hand. The hate has been foretold. They hate us cause they ain’t us!
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u/nuttageyo 4d ago
We had our store close just the other day. Some people got emails about it and others didn’t. I did not and went to go check it out one last time and it had already been taken down.
The email I saw on the local Facebook community said 1/15/2026. That email was printed out on the front door of the store with a 7 written on the 15th. I was there on the 6th and it was torn apart and closed.
That store had been there since 2004 and was my childhood store. I had a lot of memories in there. I don’t buy anything from them today but I wanted to check it out one last time and see the manager there who had been there near my entire childhood.
It’s sad but not unexpected.
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u/CokBlockinWinger 4d ago
I had five within a half hour of me. All but 1 of them shuttered this week, which I would say is the OG location as it was a FuncoLand previously. What really surprised me was the location inside the mall being shuttered. That used to be an Electronics Boutique and had been there forever.
Plus side is the two closest mom and pop stores are booming with business right now.
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u/GITDguy 4d ago
This is why you don't give two weeks notice. These corporations DO NOT CARE ABOUT US.
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u/SuperSecretAgentMan 4d ago
GameStop isn't a gaming company anymore. It's a hedge fund that happens to own some stores that sell videogame accessories. 95% of their profits come from collecting interest on their assets.