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3/8/2021, 6:24 PM (Source: TeleTrader)
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GameStop forms committee for business transformation

GameStop announced on Monday forming a new committee for Strategic Planning and Capital Allocation aimed at identifying "initiatives that can further accelerate the company's transformation". Two executives on the committee are the co-founder of Chewy e-commerce platform Ryan Cohen and Chewy's former top operations executive Alan Attal.

"The Committee will continue to focus on identifying actions that can transform GameStop into a technology business and help create enduring value for stockholders. It is responsible for evaluating areas that include GameStop's current operational objectives, capital structure and allocation priorities, digital capabilities, organizational footprint, and personnel," the company's official statement said.

The decision comes after GameStop faced pressure from investors to deliver financial performance that would measure up to its inflated stock market value.

Baha Breaking News (BBN) / LH