GameStop shares tank after CEO says store network will shrink despite huge cash pile

Shares of GameStop tumbled on Monday after CEO Ryan Cohen told investors that the videogame retailer plans to operate a smaller network of stores and gave no details on what it plans to do with its cash pile.GameStop shares were down 13% at $24.86 on Monday afternoon after the annual general shareholder meeting, which lasted about 20 minutes.Cohen said he anticipates the business will be operated with “a smaller network and more value-added” items as part of the company’s attempt to boost sales and profitab ...