Ryan Cohen Blasts GameStop Board As Reboot Talks Fall Apart, Says CEO Stuck In 20th Century Mindset
Ryan Cohen’s RC Ventures LLC is calling for a strategic review of video game and consumer electronics retailer GameStop Corp’s (NYSE: GME) business model, the Wall Street Journal reported late Monday. The investment firm is one of the largest stakeholders in GameStop with a 9.98% position.
Ryan Cohen was holdings talks with GameStop’s management in an attempt to expand its online offerings, as reported in September. Cohen suggested he could see GameStop duel with Amazon Inc (NASDAQ: AMZN) for a share in the e-commerce market.
What Happened: The letter, addressed to the GameStop Board on Monday, emphasized the need to shift from being a “video game retailer” and transform into “a technology company” and seize market opportunities in the gaming sector, as reported by the Journal.