Grapevine-based GameStop Corp. on Thursday received a letter from shareholders Hestia Capital Partners LP and Permit Capital Enterprise Fund LP calling on the company’s board to address company issues and warns of a proxy fight if the company does not hold talks about improving the business.
Hestia and Permit, who together own about 1.3 percent of the video game retailer’s shares and who say they are typically not activist investors, said GameStop needs new independent directors.
The groups said they want the “independent directors to focus on optimizing the business, returning capital to shareholders, rebuilding company leadership, and moving forward from a failed sales process.”
To see the letter:
https://mma.prnewswire.com/media/821185/Hestia_Capital_letter_to_GameStop_Board.pdf
GameStop has not yet responded to the request.