|Legal Name:||GameStop Corp.|
|Headquarters Regions:||Grapevine, Texas, United States|
|Founders:||James McCurry, Gary M. Kusin|
|Number of Employees:||60000+|
|Area served:||United States of America and world|
|Products of Company:||video game, consumer electronics, and gaming merchandise retailer|
|Net Worth in 2022:||$3 Billion|
GameStop is a video game, consumer electronics, and gaming merchandise retailer based in the United States. As of February 1, 2020, the company is based in Grapevine, Texas, and is the world’s largest video game retailer, with 5,509 distribution locations throughout the United States, Canada, Australia, New Zealand, and Europe. GameStop, EB Games, ThinkGeek, and Micromania-Zing are the company’s most well-known retail names. Due to the transition in video game purchases to online storefronts and GameStop’s failed investments in mobile retail, the business declined in the mid-late 2010s.
Due to a short squeeze organized by members on the Internet platform r/wallstreetbets, the company’s stock price skyrocketed in 2021. Owing to the uncertainty of its stock price, the firm got a lot of media coverage in January and February 2021. The company’s stock price soared sharply again in early March 2021, owing to improvements in its executive-level workforce and the promise of a new business plan.
GameStop also operates Game Informer, a computer game magazine, in addition to retail stores. Over the years, the business has grown in popularity and been quite profitable. The business has made news around the world, especially in the gaming industry. The company’s performance is unquestionable.
Well, how well do you know about GameStop? If not much, here is what we know about GameStop to date.
Babbage’s, a Dallas, Texas-based tech retailer created in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin, can be traced back to GameStop. The corporation soon shifted its attention to video game sales for the Atari 2600, which was at the time the most popular console. In 1987, Babbage’s started selling Nintendo games.
In 1988, the corporation went public. NeoStar Retail Group was founded in 1994 when Babbage’s combined with Software Etc., an Edina, Minnesota-based retailer that specialized in personal computing software. Leonard Riggio, a founder of Software Etc. and chairman and principal stockholder of Barnes & Noble, acquired the assets of NeoStar for $58.5 million in November 1996.
Following his acquisition of NeoStar’s holdings, Leonard Riggio disbanded the holding company and formed Babbage’s Etc. as a new holding company. Babbage’s Etc. opened the GameStop brand three years later, in 1999, with 30 shops in strip malls. Gamestop.com, a website that allows customers to buy video games online, was also founded by the group.
Babbage’s Etc. was acquired by Barnes & Noble Booksellers for $215 million in October 1999. With an IPO on the New York Stock Exchange in February 2002, Barnes & Noble Booksellers took GameStop public. GameStop was traded on the New York Stock Exchange under the ticker symbol GME.
In 2005, GameStop paid $1.44 billion for EB Games (formerly Electronics Boutique). GameStop’s activities were extended into Europe, Canada, Australia, and New Zealand as a result of the takeover. Blockbuster sold Rhino Video Games to GameStop for an undisclosed amount. In April 2008, GameStop bought the Norwegian stores with Free Record Shop.
In October 2008, GameStop paid $700 million for Micromania, a French video-game store. Both GameStop locations in Puerto Rico were closed at the end of March 2016, citing increased government tax rates. It bought 507 AT&T store chains on August 3, 2016, with the aim of diversifying into new industries and being less reliant on the video game industry.
With the introduction of streaming platforms such as Xbox Live and PlayStation Network, the demand for physical gaming media has been in decline. GameStop announced a 16.4% reduction in holiday revenue for 2016, but showed confidence in its non-physical gaming companies in 2017. In February 2017, it was announced that GameStop had implemented a Circle of Life initiative for all of its retail workers.
The policy was created to ensure that each employee can accept pre-orders, loyalty cards, used games, or consumer trade-ins to account for a certain amount of their revenue. The financial statements for 2018 revealed the company’s worst loss in its history. GameStop announced a record-breaking net loss of $673 million for the 52-week period ended February 2, 2019.
The GameStop Corporation is absolutely unique. GameStop has had a lot of popularity over the years, as shown by the variety of businesses it has acquired. GameStop has a large number of shopping locations all over the country. The corporation divides itself into two corporate segments to carry out its activities. Video Game Labels and Technology Brands are the two brands.
Simply Mac, Spring Mobile, and Cricket Wireless are also part of the Technology Brands division. GameStop’s Computer Game Brands Segment, on the other hand, covers companies such as video game and consumer electronics department stores.
Awards & Achievements
GameStop is an undeniably profitable business that has achieved a great deal of success. The corporation owns department outlets all over the country, and has proven to be quite profitable. Because of their popularity, the business has clearly made a lot of money. The corporation needs worldwide recognition and honors for its accomplishments in order to succeed. Despite the fact that the organization has failed to receive any noteworthy honors, its contributions should not be ignored.
Net Worth & Earnings of GameStop in 2022
Game Stop is a well-known game tech developer. As a result, it has reaped some undeniably remarkable financial benefits. Despite a few setbacks, the firm has been generating substantial income. The company’s current net worth is projected to be around $3 billion as of 2022.
GameStop has made a significant contribution to the advancement of the gaming industry. The corporation has opened retail locations all around the world and has amassed a sizable fortune during their time in business. Despite facing numerous difficulties, especially in the latter years of their existence, the company has achieved enormous success.