GameStop Corp. - GME STOCK NEWS

GameStop Corp. (NYSE: GME) has announced a multi-year strategic partnership with Microsoft aimed at enhancing its digital and physical video game offerings. This partnership will standardize GameStop's operations on Microsoft's Dynamics 365 and Microsoft 365 solutions, providing its over 30,000 store associates with advanced tools for improved customer service and operational efficiency. Additionally, GameStop plans to use Microsoft Surface devices to modernize in-store experiences. This collaboration seeks to position GameStop as a leading omni-channel destination for gamers while expanding its Xbox product offerings.

GameStop has initiated pre-orders for the Sony PlayStation 5 and PlayStation 5 Digital Edition, effective immediately. Pre-orders for the Xbox Series X and Xbox Series S will begin on Sept. 22. Both consoles will launch on Nov. 10 (Xbox) and Nov. 12 (PlayStation). Prices are set at $499.99 for both Xbox models and $399.99 for the PS5 Digital Edition. GameStop is also introducing a same-day delivery service and flexible payment options including a GameStop credit card, rent-to-own options, and a 'Buy Now, Pay Later' scheme. Customers can trade in old consoles to finance new purchases.

GameStop Corp. reported significant financial results for the second quarter ended August 1, 2020, highlighting a remarkable 800% increase in global e-commerce sales. The company achieved free cash flow of $181.9 million and reduced SG&A expenses by $133.7 million. Despite a 26.7% decline in net sales to $942.0 million due to COVID-19 and the current console cycle, GameStop ended the quarter with $735.1 million cash and a 50% inventory reduction. The firm plans to navigate uncertainties by focusing on cash flow and digital strategies.

GameStop Corp. (NYSE: GME) announced it will report its second quarter fiscal 2020 earnings results after the market closes on September 9, 2020. An investor conference call will follow at 5:00 PM ET to discuss the financial results. This call can be accessed via the company's investor relations page. GameStop operates over 5,000 stores globally, focusing on video game retail and collectibles, including POP! vinyl figures. The company's comprehensive buy-sell-trade program allows gamers to trade consoles and games for cash or credit.

GameStop announced a new policy requiring all customers to wear face coverings in its U.S. stores, effective July 27, 2020. This decision aims to ensure the safety of customers and employees amid the COVID-19 pandemic. CEO George Sherman emphasized that the health and well-being of all individuals are the company's top priority. GameStop is also providing options for online shopping and curbside service for customers unable to wear masks. The company operates around 5,300 stores globally, offering a wide range of video games, consoles, and collectibles.

GameStop Corp. announced the expiration of its Exchange Offer for $414.6 million of 6.75% Senior Notes due 2021, resulting in the valid tendering of $216.4 million or 52.20% of existing notes. The settlement for the new 10.00% Senior Secured Notes due 2023 is expected on July 6, 2020. Consents for proposed amendments to the indenture governing existing notes have been obtained, allowing the new notes to be issued. The Exchange Offer is not available in jurisdictions where it may not comply with local laws.

Game Informer announces the departure of Editor-in-Chief Andy McNamara, who is leaving after 29 years to pursue a new opportunity in the video game industry. Andy Reiner, a veteran executive editor for 26 years, has been appointed as the new Editor-in-Chief. Under McNamara's leadership, Game Informer grew from a bi-monthly magazine with 60,000 subscribers to a leading brand with millions of subscribers. The publication also launched its online edition in 2010, now the world's number one digital magazine.

GameStop Corp. announced that as of June 17, 2020, $208.77 million (50.36%) of its Existing Notes have been validly tendered in the ongoing Exchange Offer. The Company has entered into a supplemental indenture to implement Proposed Amendments for the Existing Notes. The Early Tender Date for the exchange of $414.6 million in 6.75% Senior Notes due 2021 has been extended to July 1, 2020. Participation is limited to qualified institutional buyers or non-U.S. persons who meet specific eligibility requirements.

GameStop Corp. (NYSE: GME) held its 2020 Annual Meeting of Stockholders on June 12, 2020, announcing the election of ten directors. New board members include nominees Kurtis Wolf and Paul Evans from Hestia Capital and Permit Capital. The Board, now comprising ten members, sees the retirement of several longstanding members including Daniel DeMatteo. Kathy Vrabeck has been appointed as Chair of the Board. The company will file the official voting results with the SEC within four business days, emphasizing its ongoing commitment to stockholder value and a stable leadership structure.