- GameStop is selling its operations in Canada and France. CEO Ryan Cohen, in a tweet, indicated the decision was politically motivated more than financially, citing “High taxes, Liberalism, Socialism, Progressivism, Wokeness and DEI” in a tweet.
Meme-stock king GameStop is looking to reduce its international footprint.
CEO Ryan Cohen, in a tweet on Tuesday, announced the listing for GameStop Canada and Micromania France, a chain the company acquired in 2008. The move, though, seems less financially motivated and more political.
“Email M&A@gamestop.com if you’re interested in buying GameStop Canada or Micromania France. High taxes, Liberalism, Socialism, Progressivism, Wokeness and DEI included at no additional cost if you buy today!” Cohen wrote.
The company confirmed the plans in a one-sentence press release, which (as you would assume, based on its brevity) offered no additional details beyond saying the move came following an evaluation of its international assets.
GameStop has closed more than 700 locations around the world since 2020, and the company’s revenues have been in steady decline. A 2024 filing with the Securities and Exchange Commission shows it had 203 stores in Canada and 332 in France as of last February.
Despite the move, GameStop stock was slightly lower in early trading Wednesday and lost some ground yesterday as well. Year to date, GameStop shares are down 13%.
GameStop no longer offers earnings projections and has stopped its quarterly call with analysts. Wall Street is bearish on the stock, but acknowledges meme traders are driving the price.
GameStop shares “trade at a level that ignores the company’s many challenges ahead,” wrote Wedbush analyst Michael Pachter in December. “The company’s planned return to growth faces insurmountable barriers.”