GameStop is trying to survive the erosion of its business, which for nearly four decades has relied on its brick-and-mortar stores to buy the latest video games and consoles, as well as to sell and buy used games and equipment.
The company is suffering from increasing competition from retail giants such as
and developing technology that allows people to download games directly from consoles and computers instead of buying hard copies. The company also went through a period of great turnover, with a CEO
She joined GameStop in 2019, making her the fifth person to hold the position since November 2017.
To keep things on track, GameStop in Grapevine, Texas, has been working to pay off its debts and is determined to accelerate its e-commerce business. During the year-end vacations, the company’s online sales increased by more than 300% over the previous year, thanks to the release of new game consoles from
One of the new members of the GameStop Board of Directors, co-founder of Chewy Inc.
He also asked the company to close its non-core operations in Europe and Australia and use the proceeds for technological improvements, such as upgrading GameStop’s online store.
Analysts expect GameStop to post its fourth consecutive revenue decline in the current fiscal year due to a slowdown in its core business and its efforts to streamline the company.
Sarah I. Igolchak
AMC, the world’s largest cinema chain with nearly 1,000 screens, became the latest to please the public after signing a series of financial agreements to help avoid bankruptcy.
Since the coronavirus pandemic forced AMC to temporarily close most of its theaters, Leawood, Kan. has been facing the real possibility of a cash shortage and warned its investors in October that it might have to turn to bankruptcy if it did not find enough money from investors willing to bet on its recovery.
The CMA situation began to change with the introduction of coronavirus vaccines late last year, giving investors hope that people would soon go back to the movies.
The company has raised about $1.3 billion in debt and equity since December and sold its last bid on January 27, shortly after users of the Reddit WallStreetBets forum turned their attention to the company as their next stock.
Still, the CMA is not completely out of the woods, and its executive director
warned on January 25 that although “any discussion of imminent bankruptcy has been completely ruled out,” investors in AMC are still advised to be cautious, as the company’s future liquidity needs are uncertain given the ongoing pandemic and new strains of the coronavirus.
Bed Bath & Beyond Inc.
After an activist investor ousted the previous management team in 2019, the household goods retailer is trying to get things back on track under a new CEO.
Focus on the business.
Director General. Mr. Tritton hired a new management team to clear out the stores, simplify pricing and streamline assortment. “The greater the choice, the more confusing the customer,” Mr. Tritton said in November.
The company is closing about 200 of its 970 Bed Bath & Beyond stores and has been selling off non-core assets, such as Christmas tree stores. It also launched a share repurchase program of up to $825 million over three years.
The company, of which BuyBuy Baby is a part, is benefiting from the shift in spending on household goods due to the pandemic. But some analysts fear that once life returns to normal, some of the benefits will be lost as consumers spend more on travel and groceries. The retailer also faces stiff competition from large retail chains like Target and online rivals like Amazon. January 26, before the stock gives back some of its recent gains,
lowered the company’s rating to “sell” due to concerns that the turnaround is on track and on schedule, as well as other issues.
NORWEGIAN CROWN -2.77%.
At its peak, Nokia dominated the market for rugged cell phones that were used only to make calls and not much else. The smartphone revolution made the Finnish company lose the market share it used to have, so it gave up cell phones and began to focus on the building blocks of the mobile economy: the network equipment that connects mobile devices to the rest of the Internet.
Nokia’s profitability suffered after its 2016 acquisition of Alcatel-Lucent, another network electronics manufacturer. The merger made the new company more complex and required costly upgrades for customers who needed standardized mobile devices. Competitors Ericsson AB and Huawei Technologies Co. seized the opportunity to gain market share in key countries.
The company continues to supply much of the network equipment, a market that will grow this year as operators install new technology to support faster fifth-generation, or 5G, mobile services. The company revamped its management team last year with the appointment of a new chief executive officer and a new chief financial officer.
Nokia is preparing to sell more devices to replace those produced by Chinese company Huawei, which the United States and many allied countries have effectively banned for national security reasons. But geopolitics works both ways, and growing tensions with the West could deter Nokia from selling devices in China.
CEO of BlackBerry
managed to save the Canadian company from ruin after he was hired in 2013 to help the smartphone maker, which had lost its dominant position in the global market to nimbler rivals like
Samsung Electronics Co.
He reduced the company’s workforce and global operations and licensed BlackBerry phones to other manufacturers.
Mr. Chen, a software veteran, has sought to reinvent the BlackBerry by selling software and services designed to protect communications systems and mobile devices of businesses and governments from viruses and other online threats.
The company tried to expand this business in 2018 with the purchase of antivirus software maker Cylance Inc. for $1.4 billion. The acquisition did not bring the promised turnaround. Co-founder of Cylance
in 2019, and BlackBerry’s revenues continue to decline. The Company has posted a net loss for the last seven quarters.
Another setback is the uneven demand for automobiles during the Covid 19 pandemic. BlackBerry sells security products to automakers to protect cars’ computer and communications systems from cyber threats.
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