GameStop surges 28% after co-founder of Chewy.com pitches plan to turn it into Amazon rival, report says
- GameStop surged 28% on Tuesday after a report from Bloomberg detailed a yet-to-be-revealed investment plan for the retailer to expand into ecommerce and rival Amazon.
- Ryan Cohen, a co-founder of pet supplies ecommerce company Chewy.com, has acquired a near 10% stake in the video-game retailer and is holding talks with the board and several directors, according to Bloomberg.
- Cohen’s plan is for GameStop to begin selling and quickly shipping “a wide range of merchandise” to its customers, inline with one of Amazon’s core strength.
- Cohen is willing “to become more involved” in GameStop in order to “produce the best results for all shareholders,” according to a regulatory filing.
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GameStop surged on Tuesday after a report from Bloomberg detailed an investor’s yet to be seen plan to turn the video-game retailer into