GameStop Corp. (NYSE: GME) fell sharply following an announcement that it would extend Cyber Monday deals through the entire week, until December 7.
According to the company’s press release, “Cyber Monday has quickly become the go-to shopping day of the year for holiday shoppers, which begs the question why offer great deals for only one day,” said Jason Allen, vice president of multichannel strategy for GameStop. “With more consumers shopping on Cyber Monday than on Black Friday the last few holidays, this year GameStop decided to extend our Cyber Monday deals for the entire week to help make sure customers are able to purchase the video game and consumer electronic gift items simply and affordably online or in our stores.”
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Investors did not take kindly to the news and may have seen the company as a big loser in the start to the holiday shopping season.
Shares of GameStop recently traded at $35.92, down 5 percent.