FILE PHOTO: A GameStop store is pictured in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File Photo/File Photo/File Photo
GameStop (GME) stock was up by 18% at close on Wednesday. The company said late on Tuesday it will pay off on April 30 the $216.4 million senior notes that were originally scheduled to mature in 2023. The plan that the company gets rid of its debt early has excited its investors.
However, the company is currently in a major strategic transformation. It was reported that the the company's CEO George Sherman has forfeited more than 587,000 shares as he failed to meet his performance targets, these shares were originally granted to him by the company in April 2019, the company is currently looking for a new CEO to replace Sherman.
The company last Thursday said that it will transform from a video game retailer to an e-commerce firm so as to compete with the likes of Amazon. This transformation will deal with the long term threat of the digital game to its brick-and-mortar retail business, but it remains to be seen if it will push its results remarkable growth.
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