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Gamers no longer needed GameStop because they were downloading games rather than buying digital discs.
Mr Cohen began snapping up large stakes of GameStop at a time when the Texas company was being buffeted by new technology. GameStop became the embodiment of the “meme stock” craze two years ago, when a fanatical band of smaller-pocketed and novice investors encouraged each other to pile in (Alamy/PA) Mr Cohen co-founded Chewy, the online pet supply company, and had hoped to modernise GameStop, founded in 1984. Mr Cohen’s holding company RC Ventures is the biggest investor in GameStop, holding an approximately 12% stake. Mr Furlong was one of two Amazon executives hired at the time, the other being Mike Recupero, hired as GameStop’s chief financial officer.
He was the executive who oversaw Amazon’s Australia business and spent nine years with the company.