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1984
GameStop
traces its roots to Babbage's, a Dallas, Texas-based software retailer founded
in 1984 by former Harvard Business School classmates James McCurry and Gary M.
Kusin.
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1986
Late
in 1986, however, Dayton Hudson sold B. Dalton to Barnes & Noble, Inc.
(B&N), Leonard Riggio (the chairman and founder of B&N), and Dutch
retailer Vendex International N.V. Riggio played a key role in separating
Software Etc. from B. Dalton, and the former began operating as Software Etc.
1986: Dayton Hudson Corporation sells B. Dalton to Barnes & Noble, Inc. (B&N) and partners.
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1987
For
fiscal 1987, the company earned $1.16 million on sales of $29 million.
1987: Software Etc. is split off from B. Dalton, begins operating as Software Etc. Babbage's started selling Nintendo video games in 1987.
1988
The
chain was also expanded to nearly 200 units by the end of 1988, and its product
mix was altered, away from entertainment software toward higher-end PC and Mac
software applications.
Babbage's became a public company via an initial public offering in 1988.
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1989
Fifty-three
new store openings in 1989 (bringing the company's total to 160) and a barrage
of new low-profit-margin products pushed the company's earnings and its stock's
trading value down.
The company, however, generated only a 12 percent increase in sales, and, for the first time since 1989, increased revenues did not translate into higher earnings for the company.
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1990
By
early 1990, Babbage's stock, which had debuted at $13, had plummeted to less
than $5.
Software Etc. then broadened its product line in 1990, once again selling video game software.
1991
By
1991, video games accounted for two-thirds of Babbage's sales.
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1992
In
1992 Babbage's added more than 40 new stores and began selling a CD-ROM
peripheral attachment for the Sega 16-bit system that allowed interaction with
digitized video footage.
Early in 1992, operating about 230 stores in 37 states and the District of Columbia, Software Etc.
1993
In
1993 Babbage's opened 56 new stores.
1995
Gary
Kusin resigned as president of Babbage's in February 1995 to start a cosmetics
company.
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1996
DeMatteo
had served as company COO since 1996.
2001
The time seemed right for B&N to partially cash in on its foray into gaming, and GameStop Corp. was incorporated in August 2001 in anticipation of an initial public offering.
B&N
had intended to take GameStop public on the NASDAQ in the fall of 2001, but an
adverse IPO market thwarted that attempt.
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2002
GameStop
went public in February 2002 at New York Stock Exchange where it IPO'd at $18
per share.
2003
The
company had its best year ever in 2003, posting record sales ($1.58 billion)
and record profits ($63.5 million). Perhaps most impressive, GameStop was
profitable every quarter.
2004
Through
the first nine months of 2004, GameStop opened another 230 stores.
In 2004, GameStop took its first step in other media markets.
GameStop founded MovieStop in 2004 as a standalone store that focused on new and used movies.
2005
GameStop
acquired EB Games (formerly Electronics Boutique) in 2005 for $1.44 billion.
2006
Apple
officially authorized the company to do so. It was founded in 2006 and was
stationed out of Salt Lake City.
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2007
Two
years later, in 2007, GameStop acquired Rhino Video Games from Blockbuster LLC
for an undisclosed amount.
2008
In
April 2008, GameStop acquired Free Record Shop's 49 Norwegian stores.
Daniel DeMatteo replaced Richard Fontaine as GameStop CEO in August 2008.
2009
In
November 2009, it acquired a majority stake in Jolt Online Gaming, an Irish
browser game studio.
2010
J.
Paul Raines became GameStop CEO in June 2010.
In 2010, GameStop acquired Kongregate, a San Francisco-based website for browser-based games.
2011
Prior
to joining GameStop in July of 2011, Lisa held a variety of positions in HR and
operations for Home Depot.
In 2011, GameStop acquired Spawn Labs and Impulse in separate transactions.
2012
In
October 2012 at Grapevine Mills in Dallas, GameStop introduced GameStop Kids, a
pop-up retail concept.
GameStop purchased the minority stocks of the company in 2012.
GameStop spun off MovieStop to private owners in 2012.
In 2012, GameStop acquired BuyMyTronics, a Denver-based online market place for consumer electronics.
2013
GameStop
acquired the remaining 50.1% of ownership in November 2013.
Prior to joining GameStop in 2013, Angela served in a variety of technology roles spanning software development and support, portfolio and project management, and strategic relationship management at MetroPCS, GTESS, Sprint, Nissan Motor Acceptance Corporation, and Computer Sciences Corporation.
2014
In
November 2014, Draw Another Circle LLC, a company controlled by merchandising
executive Joel Weinshanker that also owns Hastings Entertainment, purchased
MovieStop.
(2) “GameStop Reports Second Quarter 2014 Results.” GameStop Investor Relations.
According to GameStop, the police department required them to take the fingerprints of those who trade in games starting in 2014.
2015
In
July 2015, it acquired Geeknet.
2016
On
August 3, 2016, GameStop acquired 507 AT&T store chains in plans to
diversify into new businesses and less dependent on the video game market.
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2017
In
January 2017, GameStop closed many Simply Mac locations.
The company has reported a large drop in sales since 2017.
In 2017, it was sold for $55 million.
Following these reports, GameStop announced it would close over 150 stores in 2017 and expand its non-gaming business.
2018
On
February 6, 2018, the company announced Michael K. Mauler as CEO and member of
the board of directors.
On May 11, 2018, Mauler resigned due to "personal reasons" and chairman Dan DeMatteo was named interim CEO. Mauler did not take any severance package or separation benefits.
The net sales for fiscal year 2018 were down 3% year-on-year to $8.29 billion.
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2019
However,
on January 29, 2019, GameStop reported it had stopped looking for a buyer for
the company, due to a "lack of available financing on terms that would be
commercially acceptable to a prospective acquirer", and was looking for
other actions to help re-establish its financial ground.
In July 2019, GameStop partnered with an outside design firm, R/GA, to put forth plans to revamp stores to focus on competitive gaming and retrogaming, and to introduce new ways for customers to try games before buying them.
In August 2019, GameStop laid off over 120 people, including about half of the staff of Game Informer, as part of its "GameStop Reboot initiative".
In December 2019, GameStop announced that it spent $178.6 million to buy 34.6 million shares, or 34% of the shares outstanding, at an average price of $5.14 per share.
Instead, GameStop announced in early 2019 that it was no longer looking for someone to buy them because they had a lack of available finances.
In 2019, GameStop divested Simply Mac; at that time it had 43 stores.
2020
In
March 2020, four members of GameStop's Board of Directors - Dan DeMatteo,
Gerald Szczepanski, Larry Zilavy, and Steve Koonin - stepped down and were
replaced by Reggie Fils-Aimé, Bill Simon and J.K. Symancyk as part of the
company's effort to turn around the business.
GameStop reiterated the safety measures that it had put in place, and also announced that it would reduce store hours and suspend all trade-ins until at least March 29, 2020, and offer curbside pickup.
She also serves as Senior Vice President and Chief Accounting Officer (CAO), the role she has held since joining GameStop in June of 2020.
On October 8, 2020, GameStop announced an agreement with Microsoft to migrate backend systems to Microsoft 365 platforms including Dynamics 365, also including in-store usage of Microsoft Surface products by employees.
However, with the Xbox Series X and PlayStation 5 still planned for release in the latter part of 2020, Sherman expected to be able to recover from these losses.
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2021
In
January 2021, a short squeeze resulted in a 1,500% increase in GameStop's share
price over the course of two weeks, reaching an all-time intraday high of
US$483.00 as of January 29, 2021, on the New York Stock Exchange.
Elliott Wilke is Chief Growth Officer, a role he was appointed to in April of 2021.
In April 2021, George Sherman announced that he will step down as CEO of GameStop by July 31, 2021.
Also in April 2021, Ryan Cohen, founder of Chewy and a large GameStop shareholder, was named chairman, effective in June 2021.
In December 2021, GameStop posted a larger-than-expected loss in the fiscal third quarter, and investors are waiting to hear how the ailing company plans to restructure its operations and entice gamers back.
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