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GameStop Soars With Activist Ryan Cohen Gaining Board Seats

  • Investor, with 13% stake, has pressed for strategic review
  • Company reports 4.8% rise in holiday same-store sales
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GameStop Corp. jumped as much as 17% Monday after activist investor Ryan Cohen stepped up his transformation efforts at the struggling video-game retailer, gaining a seat on the company’s board along with two allies.

Cohen’s RC Ventures -- GameStop’s second-largest shareholder, with a 13% stake -- has been pressing the Grapevine, Texas-based chain to undertake a strategic review to cut more costs. Cohen, the entrepreneur who helped build up the Chewy pet-supply site, also wants GameStop to increase the variety of products and services it offers online.