GameStop Can't Seem to Do Anything Right
These are rough times for GameStop (NYSE: GME) shareholders. The leading retailer specializing in video games hit another five-year low on Tuesday, tumbling after nixing its used game rental program before it even officially started and announcing that its CEO was taking a medical leave.
GameStop's PowerPass program was set to launch later this week, offering diehard gamers six months of game rentals for $60. Players could rent as many titles as they wanted in that time, but only one game could be out at a time. At the end of the six months they would be able to keep one of the rentals.
Stores began pulling promotional materials earlier this week, ahead of this weekend's official launch. A spokesperson told gamer site Kotaku that "program limitations" were identified during a shortly lived soft launch. Some employees are speculating that GameStop's outdated sales system just couldn't tackle the inventory challenges of transforming its stores into a bricks-and-mortar version of GameFly. It's a delay and not an outright cancellation of the program, but it's still embarrassing.
Source: Fool.com
Gamestop Corp. Stock
Currently there is a rather negative sentiment for Gamestop Corp. with 7 Buy predictions and 21 Sell predictions..
The target price of 5 € compared with the current price of 22.74 € for the stock indicates a negative potential of -78.01%.
