GameStop Recommends Stockholders Vote the BLUE Proxy Card to Support ALL of GameStop’s Independent, Experienced and Highly Qualified Directors

GameStop Possesses the Right Team Advancing an Innovative Business Plan

The Dissident Stockholders Rejected Another Reasonable Settlement Offer and Persist in Pushing Poorly Qualified Nominees

GRAPEVINE, Texas, June 01, 2020 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (the “Company”) today issued a letter to stockholders affirming that GameStop possesses a stable, comprehensively skilled and experienced Board that is successfully advancing the Company’s innovative business transformation plan, GameStop Reboot, to enhance long-term value for all stockholders. The letter notes that Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP’s campaign distracts from leadership’s ability to continue to execute its strategic turnaround plan and deliver returns to all stockholders. The letter urges stockholders to use the BLUE proxy card to vote “FOR ALL” of GameStop’s 10 highly qualified director nominees in connection with the Company’s upcoming Annual Meeting of Stockholders (the “Annual Meeting”) to be held at 8:00 a.m. CT on June 12, 2020.

June 1, 2020

Dear GameStop Stockholders,

Our June 12, 2020 Annual Meeting of Stockholders is swiftly approaching.  Instead of choosing to engage constructively, Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP (“Hestia Capital” and “Permit Capital” and collectively, the “Dissident Stockholders”) continue to attempt to remove two highly qualified independent directors from your thoughtfully and comprehensively refreshed Board. GameStop’s Board believes that the Dissident Stockholders’ efforts to remove these directors seriously jeopardize our ability to continue successfully executing the Company’s innovative business turnaround plan, GameStop Reboot, which is being implemented to enhance long-term value for ALL stockholders.

We have made multiple attempts this year to avoid a costly proxy battle with the Dissident Stockholders. Last Friday, your Board once again attempted to resolve the proxy battle, offering a generous settlement proposal to the Dissident Stockholders, as outlined in greater detail below. Our thoughtful offer was summarily rejected, even though our offer would have provided the Dissident Stockholders with a “stockholder representative,” which has been the central theme of their campaign.  The Dissident Stockholders’ refusal to engage with your Board to avoid a proxy fight suggests they are only motivated by their own self-serving agenda.