GameStop fired CEO Matthew Furlong on Wednesday and said that its board had elected activist investor Ryan Cohen as its executive chairman, effective immediately.
GameStop Corp. fired Chief Executive Matthew Furlong on Wednesday and said that its board had elected activist investor Ryan Cohen as its executive chairman, effective immediately.
Cohen, the founder and former CEO of online pet-supplies retailer Chewy Inc. CHWY, -4.10% and a big investor in GameStop, had been board chairman. He had also amassed and then sold off a stake in Bed Bath & Beyond, the home-goods retailer that is in the process of closing up shop. For its first quarter, GameStop reported a net loss of $50.5 million, or 17 cents a share — far narrower than the $157.9 million, or 52 cents a share, in the same quarter last year. Net sales were $1.24 billion, down from $1.38 billion in the prior-year quarter. GameStop ended the quarter with cash and cash equivalents of $1.06 billion.
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