The CEO of video game retailer-turned-Funko Pop dealer GameStop is blaming DEI programs for discontinued operations in Canada and France. DEI, an initialism meaning “diversity, equity, and inclusion,” is a hot-button issue as the Trump administration dismantles systemic protections for underrepresented groups.
GameStop’s CEO, 39-year-old Canadian billionaire Ryan Cohen, took to the social media platform X (formerly Twitter) to air his grievances. The initialism and “wokeness” were among Cohen’s targets. “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,” shared Cohen.
Such departures aren’t a first for the chain. GameStop terminated its tenure in Ireland, Austria, and Switzerland in 2023. In 2024, the chain shared its plans to pull brick-and-mortar locations from Germany.
Like other notable chains, the consumer electronics giant has publicly struggled to stay afloat since the COVID-19 pandemic. Social distancing strategies, shifting consumer priorities, and mounting household expenses have contributed to countless store closures over the last few years. Last month, GameStop shuttered more than 400 storefronts nationwide — more closures than any other month in the brand’s history. These figures eclipse the company’s roughly 216 closures throughout all of 2024.
The rise of e-commerce also plays a role. Online shopping has financially decimated conventional storefronts worldwide since its inception in the late 90s and early aughts. The brand’s now-infamous 2021 “short squeeze” didn’t do it any favors, either.
GameStop Shares Strategies in SEC Filing
A December 2024 filing with the U.S. Securities and Exchange Commission (SEC) puts a magnifying glass to GameStop’s inner machinations, detailing potential challenges and possible solutions. The brand’s mission to cut costs includes a collective shift away from physical stores. In the filing, the brand shared three focal points:
- Establish Omnichannel Retail Excellence
- Achieve Profitability
- Leverage Brand Equity to Support Growth
“We believe these efforts are important aspects of our continued business to enable long-term value creation for our shareholders,” the filing reads.
Follow us on MSN for more of the content you love.
Read More:
A lifelong gamer raised on classic titles like Crash Bandicoot, Spyro, and Croc, Stephanie brings her expertise of gaming and pop culture to deliver unique, refreshing views on the world of video games, complete with references to absurd and obscure media.
Leave a Reply