GameStop in new surprise with plan to sell $1bn extra shares

GameStop outlet on St Patrick St, Cork. Shares in GameStop fell after the company said it may sell up to $1bn (€850m) worth of additional shares in one of the largest equity offerings ever announced for the retail sector in the US. File picture.

Shares in GameStop, the retailer at the centre of the small shareholders' revolt against Wall Street, fell after the company said it may sell up to $1bn (€850m) worth of additional shares in one of the largest equity offerings ever announced for the retail sector in the US.

The video game retailer fell in New York as broker Jefferies lined up to manage the offering of up to 3.5m shares, according to a statement. The proceeds from the shares sale will be used to further accelerate its corporate transformation.