[CBC.CA] Shares in a U.S. retail chain that hasn't made any money in years have risen by 1,000 per cent in less than two weeks, wiping out billions of dollars from two Wall Street investment funds in the process.The sentence above makes little sense at first blush, but it is nonetheless an apt description of the saga currently underway surrounding shares in GameStop.
GameStop is a retail chain with about 5,000 locations across North America which, as its name suggests, sells video games and game-related accessories.
Like many retailers, its business has been under pressure for several years now, because of a shift away from physical stores and toward online selling, which GameStop currently does very little of. Then the pandemic hit, exacerbated those problems and sent the stock down to multi-year lows.
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