Shares of the company jumped 7.7 per cent in early trading
. They are down nearly 80 per cent from their peak of $120.75 hit during the meme-stock frenzy of 2021.
The company’s board last week ousted Matt Furlong, a former Amazon executive who was handpicked to lead the largely brick-and-mortar operations company’s online expansion, fanning concerns about the video game retailer’s ailing business. Furlong’s exit came as the company struggles to turn a corner after it posted a bigger-than-expected loss for the latest three months and missed revenue expectations, with net sales falling for a fourth straight quarter last week.
Cohen – who owns about 12 per cent of the company through his firm, RC Ventures – pushed the company to pursue a strategic review of its business in 2020 and was elected chairman in June 2021. Cohen promised investors a digital pivot, with a focus on e-commerce, but the company has struggled to realize the goal.Checking box will enable automatic data updates.
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