Ben Gilbert/Business Insider
- GameStop is, by far, the world's largest video game retailer, with over 5,000 stores worldwide.
- The company had been in steady decline for years, but the bottom has dropped out of its stock price in 2019 - from $16 a share in January to below $4 by August.
- Amidst the stock plummeting in value, GameStop got a new CEO: George Sherman.
- In his first earnings call with the company back in June, Sherman laid out his three-point plan for GameStop's resurgence.
- Visit Business Insider's homepage for more stories.
On Monday, GameStop stock value hit its lowest point in nearly 20 years of trading: It closed the day at just $3.71 per share.
In January, just eight months ago, the company's stock was hovering in the $15-$16 range; it's been in steady decline ever since, as its C-suite reshuffled and a new CEO was appointed: George Sherman.
The reason for that steady decline is simple: Like Blockbuster Video and Tower Records before it, GameStop faces major challenges to its business model from the internet. As more people buy video games through digital storefronts, fewer buy games on physical discs from GameStop.
But Sherman remains steadfast that he has a plan to turn the company around - a plan which he presented during his first investor call with the company back in June. Here's what he had to say: