GameStop CEO Ryan Cohen has announced his intention to sell all 203 stores in Canada while bashing the country’s high taxes and wokeness.
Cohen, who was born in Montreal, made his announcement over X:
“Email M&A@gamestop.com if you’re interested in buying GameStop Canada or Micromania France. High taxes, Liberalism, Socialism, Progressivism, Wokeness and DEI included at no additional cost if you buy today!”
Cohen has been CEO of GameStop since September 2023, overseeing the company’s global operations, including its 203 locations in Canada.
Corporate tax rates in Canada, combining federal and provincial governments, range from 25% to 27%, compared to America’s rate of 21%.
Among other retailers, GameStop has struggled in the video game industry given the shift towards digital games. Nowadays, Playstation, Xbox and PC gamers are often able to purchase games digitally, and consoles are priced lower with no disc drives.
Gamestop first entered Canada in 2005 through its acquisition of EB Games, for $1.44 billion, which also included stores in Australia, New Zealand, and Europe.
The company’s best year for revenue was in 2022, when their social media driven stock price skyrocketed to $6.011 billion, an 18% increase from 2021.
The meme frenzy may be over for Gamestop, and with the digitalization of the gaming industry, Canadian stores may be first to experience change, or potential closure.
