Jan 30, 2019 - Business

Video game stores are the new record stores

GameStop shares sunk more than 27%. Photo: Smith Collection/Gado/Getty Images.

GameStop, a Grapevine, Texas-based video game retailer, said it has abandoned efforts to sell the company after failing to get an adequate bid, sending shares down more than 20%.

Why it matters: Because this seems to validate short-seller arguments that physical retail for video games is anachronistic, as more and more product is downloaded directly via mobile and consoles. There had been some hope that a buyer would bet on increased interest in things like VR hardware and collectibles, but apparently not.

GameStop shares sunk more than 27% on the news, giving it a market cap of just $1.15 billion. Overall, company shares have lost more than 75% of their value since late 2015.

The bottom line: Video game stores are the new record stores.

What's next

Bolton alleges in book that Trump tied Ukraine aid to investigations

Photo: Alex Wong/Getty Images

President Trump's former national security adviser John Bolton alleges in his forthcoming book that the president explicitly told him "he wanted to continue freezing $391 million in security assistance to Ukraine until officials there helped with investigations into Democrats including the Bidens," the New York Times first reported.

Why this matters: The revelations present a dramatic 11th hour turn in Trump's Senate impeachment trial. They directly contradict Trump's claim that he never tied the hold-up of Ukrainian aid to his demands for investigations into his political opponent Joe Biden.

Honoring Kobe Bryant: Sports stars, politicians and celebrities mourn NBA great

Kobe Bryant on court for the Los Angeles Lakers during the Sprite Slam Dunk Contest on All-Star Saturday Night, part of 2010 NBA All-Star Weekend at American Airlines Center in Dallas in February 2010. Photo: Jed Jacobsohn/Getty Images

Sports stars, politicians and celebrities paid tribute to NBA legend Kobe Bryant, who was killed in a California helicopter crash alongside his 13-year-old daughter, Gianna, and seven others on Saturday. He was 41.

What they're saying: Lakers great Shaquille O'Neal said in an Instagram post of his former teammate, "There's no words to express the pain I'm going through now with this tragic and sad moment of losing my friend, my brother, my partner in winning championships, my dude and my homie. I love you brother and you will be missed."

Go deeperArrow3 hours ago - Sports

What's next: Trump's broader travel ban

A sign for International Arrivals is shown at the Seattle-Tacoma International Airport. Photo: Ted S. Warren/AP

President Trump is expected to announce an expanded travel ban this week, which would restrict immigration from seven additional countries — Nigeria, Myanmar, Sudan, Belarus, Eritrea, Kyrgyzstan and Tanzania, per multiple reports.

  • The announcement would come on the third anniversary of Trump's original travel ban, which targeted Muslim-majority nations, per Axios' Stef Kight.