Baird says GameStop’s turnaround plan remains a mystery, predicts 90% stock decline

The plan to turn beleaguered retailer GameStop into an e-commerce powerhouse is still murky five months after the stock first caught fire, according to investment firm Baird.

On Wednesday, the company reported stronger-than-expected revenues for the first quarter, helped by console sales, and announced that it had tapped two Amazon veterans for roles as CEO and CFO. They join board member and Chewy co-founder Ryan Cohen as high-level leaders at the company with e-commerce experience.

However, the company declined to provide forward guidance and announced that it might sell up to 5 million shares. The stock was down in premarket trading Thursday.

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