Overview

• GameStop announced its intention to sell its retail operations in France and Canada as part of a broader review of its international assets.
• CEO Ryan Cohen made a controversial post on X, linking the sale to criticisms of 'wokeness,' diversity, equity, and inclusion (DEI), and progressive policies in the two countries.
• The company has been downsizing its global physical store footprint, recently closing operations in Ireland, Switzerland, Austria, and planning to exit Germany by the end of 2024.
• GameStop has faced declining sales despite a brief surge during the 2021 'meme stock' craze, with third-quarter 2024 earnings showing reduced revenue compared to the previous year.
• Cohen's remarks have been criticized as unprofessional and counterproductive, potentially overshadowing the financial and strategic rationale behind the sales.