Council establishes new strategy committee
GRAPEVINE, Texas, March 8, 2021 (GLOBE NEWSWIRE) – GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) announced today that its board of directors (the “board”) has formed a strategic plan. and Capital Allocation Committee (the “Committee”) to identify initiatives that can further accelerate the transformation of the company. The committee consists of Alan Attal, Ryan Cohen and Kurt Wolf, with Mr. Cohen as chairman. Since the establishment of the committee, the company has taken steps that include:
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The appointment of a head of technology.
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Hire two managers to lead the customer care and e-commerce functions in the company, respectively.
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Attal appointed as chairman of the Board’s nomination and corporate governance committee and Wolf as chairman of the Board’s remuneration committee.
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The announcement of a successor plan by the CFO and the search for a new CFO with relevant technology and / or e-commerce experience.
The committee will continue to focus on identifying actions that can transform GameStop into a technology enterprise and create lasting value for shareholders. It is responsible for evaluating areas that include the current operating objectives of GameStop, capital structure and allocation priorities, digital capabilities, organizational footprint and staff.
About GameStop
GameStop, a Fortune 500 company headquartered in Grapevine, Texas, is a leading specialty retailer offering games and entertainment products through its e-commerce properties and thousands of stores. Visit www.GameStop.com to explore our products and offers. Follow @GameStop and @GameStopCorp on Twitter and find us on Facebook at www.facebook.com/GameStop.
Forward-Looking Warning Statement – Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current beliefs, views, estimates and expectations of management, including industry, business strategy, objectives and expectations regarding the company its market position, future operations, margins, profitability, comparable store growth, capital expenditure, liquidity and capital resources and other financial and operating information, including expectations regarding future improvement in operating profit. Such statements include without limitation the expectations of the company, including transformation initiatives and value of shareholders, and other statements that are not historical facts. Forward-looking statements are subject to significant risks and uncertainties and actual developments, business decisions, outcomes and results may differ materially from those reflected or described in the forward-looking statements. The following factors, among others, may lead to actual developments, business decisions, outcomes and outcomes materially different from those reflected or described in the prospective statements: macroeconomic pressures, including the effect of COVID-19 on consumer spending and capacity of the company to keep shops open; the impact of the COVID-19 pandemic on the company’s business and financial results; the economic conditions in the USA and certain international markets; the amounts devoted to strategic investments, including in alkanal capabilities and other business transformation initiatives, and the failure to achieve the expected profit increases within the expected time frames or not at all; the cyclicality of the video game industry; the company’s dependence on the timely delivery of new and innovative products from its sellers; the impact of technological advances in the video game industry and related changes in consumer behavior on the company’s sales; the company’s ability to keep up with changing technologies in the industry and consumer preferences; decline in popularity of certain types of video games; the company’s ability to respond to trends in pop culture regarding its sales of collectibles and reliance on licensed products for a significant portion of such sales; the competitive nature of the industry, including competition from omnichannel retailers, e-commerce businesses and traditional store-based retailers; the ability and willingness of the company’s suppliers to provide marketing and trade support at historical or expected levels; the company’s ability to attract and retain executives, including a new CFO, and other key personnel; the company’s ability to obtain favorable terms from its suppliers; the international nature of the company’s business; fluctuations in foreign exchange; changes in the company’s global tax rate; the impact of international crises and trade restrictions and tariffs on the delivery of the company’s products; the dependence on the company during the holiday season; fluctuations in the company’s operating results from quarter to quarter; the company’s ability to consolidate its global store base; the company’s ability to renew, terminate or enter into new leases on favorable terms; the adequacy of the company’s management information systems; the company’s dependence on centralized facilities for the refurbishment of its previously owned products; the ability of the company to maintain the security of its customer, employee or company information; potential damage to the reputation of the company, also due to violations on the Internet; the company’s ability to maintain effective control over financial reporting; restrictions on the company’s ability to buy and sell video games sold; potential future litigation and other lawsuits; changes in accounting rules and regulations; and the company’s ability to comply with federal, state, local and international law. Additional factors that may cause the results to differ materially from those reflected or described in the forward-looking statements can be found in Exhibit 99.4 of GameStop’s current report on Form 8-K submitted on 5 June 2020 and in GameStop’s quarterly report on Form 10 Q submitted to the SEC on 9 September 2020 and other submissions and is available on the SEC website at http://www.sec.gov or http://investor.GameStop.com. Forward-looking statements in this release speak only from the date of this release. The Company undertakes no obligation to update any forward-looking statement in public, whether as a result of new information, future development or otherwise, except as required by applicable security laws.
Contacts
For investors:
GameStop Investor Relations
817-424-2001
[email protected]
For media:
GameStop PR
Joey Mooring
[email protected]
or
Profile
Greg Marose / Charlotte Kiaie
[email protected]