March 14, 2019 / 10:50 AM / 12 days ago

GameStop gets proxy fight warning from shareholders

FILE PHOTO: A GameStop Inc. store is shown in Encinitas, California, U.S., May 24, 2017. REUTERS/Mike Blake

(Reuters) - GameStop Corp on Thursday received a letter from its shareholders Hestia Capital Partners LP and Permit Capital Enterprise Fund LP warning of a proxy fight if the company does not hold talks with them about improving the business.

Hestia and Permit, who collectively own about 1.3 percent of the video game retailer’s shares, said in a statement that GameStop needs new independent directors.

The shareholders had sent a letter bit.ly/2Ciffye on Feb. 12 requesting certain management changes which according to them, the company had not responded to.

GameStop did not immediately respond to a request for comment.

Reporting by Sayanti Chakraborty in Bengaluru; Editing by Shounak Dasgupta

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