GameStop has announced that they will be doing a stock buyback this month. A buyback is also known as a share repurchase.
The board of directors were inspired from their retail store merchandise buy back business model. For those who are unfamiliar with their store policies on buying back merchandise, GameStop buys back product.
Although they buy used equipment and games, they usually only pay their customers a fraction of the original price. GameStop is notorious for only giving $2 for a game that you purchase for $70 only 2 minutes ago. Then, they’ll resell the used item for $68.
With that business model already in play at their stores, they’ll now be doing the exact same thing with their stock price. $GME will be bought back for those who are interested. GameStop also mentioned they’d give an additional dollar if you opt in for store credit.