Hi, my name is Josh Austin, manager of store #4381 in Allentown, PA (former EB #508). I found this blog a while back, and figured that some long-time employees might remember Karen Schneck, who managed EB store #530 (Lehigh Valley Mall in Whitehall, PA) for quite some time. You might like to know that she retired the March before last after 26 years with the company (1981-2007). Store #530 (now GS #4400) opened in February 1980 and is probably one of the top five oldest continuously operating stores in the combined company; Karen was ASM from 81-94, then manager from 94-04 after the EBX in that mall opened. (The previous manager, Susan Hildebrand, retired in 2002.) She then stepped down to ASM of the then-new store #3199 (GS #5278) in 2004, then to SGA in 2006. The staff had a huge party in the store on her last day; current and former employees, and even some long-time customers stopped by to give their regards. Karen was wonderful to work with, and it's amazing to have worked with someone who's seen so much of EB's history. Last I heard she was enjoying her retirement and making semi-regular trips to Atlantic City. :) Here's a picture from her last day with the March 2007 staff of store #5278.
Josh
I received a nice surprise yesterday at work....
The receptionist calls me..."Elaine you have flowers."
I am surprised since it is not a holiday or birthday or anniversary. I ask, "I do? Are you sure you are calling the right Elaine?"
She said, "yeah, Elaine Koch."
Hey, who am I to argue about getting some flowers. :-)
So...I go down to the receptionist and saw a beautiful arrangement of flowers. They were all white flowers, including daisies (sorry don't know flowers) with yellow roses. Looks like some lilies and others that might open up.
I read the card and instantly begin to miss our friends. (got a little misty too)
The card reads...
Elaine and Mike,
Thank you so much for your hospitality. We all had a great time.
Dawn, Mark, & Raul.
Oh my gosh!!! I was very touched. It makes me miss them even more.
EB = friends who touched our hearts and our lives forever.
Texas Has Most Companies On Fortune 500 List
(CBS 11 News)
Texas leads the nation with 58 companies listed in the 2008 Fortune 500. Each year Fortune Magazine puts out the list of the nation's largest publicly traded companies.
The Lone Star State passed New York as home to the most big companies in the latest Fortune 500 list. In all, 23 companies with headquarters based in North Texas made the list.
The North Texas Commission, a non-profit group that promotes the area, says big businesses come here for the strong workforce, easy travel in and out of DFW International Airport, and the numerous local colleges and universities.
"The presence of North Texas companies in the Fortune 500 listing and the impact those companies have in the overall Texas economy is proof that the region is a viable place to work and live," said Dan S. Petty, North Texas Commission CEO and president.
Irving-based Exxon Mobil Corp. came in at #2 on the list. Record crude oil prices in 2006 made the oil giant the most profitable company in the Fortune 500, with $39.5 billion in 2006 earnings.
Four of the largest six corporations in Texas last year were oil companies.
ExxonMobil's windfall was boosted by soaring energy demand and geopolitical instability that pushed crude oil prices above $117 a barrel and gasoline prices to an average of $3.50 a gallon.
"The company's near single-track focus on fossil fuels - plus its massive profit amid record gas prices - has drawn criticism from the public," Fortune said.
Business experts say it's a matter of simple economics -- Texas attracts companies with its low taxes, affordable land and large labor force.
Round Rock-based Dell Inc. came in at #34 on the list. The computer maker recorded revenue of $61.1 billion in 2007, up 6.5 percent from the prior year.
Fortune reports that Dell was able to hold onto its market share after it, "…finally embraced traditional sales and marketing tactics by partnering with major retail chains, including Wal-Mart and Staples."
The 2008 list, in ranking order, for North Texas includes –
#2 Exxon Mobil
#109 AMR
#115 Electronic Data Systems
#126 J.C. Penney
#136 Kimberly-Clark
#148 Fluor
#160 Burlington Northern Santa Fe
#177 Centex
#185 Texas Instruments
#224 Dean Foods
#235 D.R. Horton
#267 Southwest Airlines
#280 Tenet Healthcare
#303 Commercial Metals
#317 Energy Future Holdings (formerly TXU)
#348 GameStop
#361 Energy Transfer Equity
#367 Celanese
#416 Atmos Energy
#423 Affiliated Computer Services
#434 Blockbuster
#436 XTO Energy
#484 Holly
Fortune compiled its list based on companies' 2007 revenues.
April 18, 2008, 5:45 pm
GameStop President Morgan Resigns
Posted by Eric Savitz
GameStop (GME) disclosed in an 8-K filing with the SEC that Steven R. Morgan has resigned as president of the company effective May 2. The video game retailer gave no reason for his departure.
Morgan will be paid a lump sum $952,763, “constituting Mr. Morgan’s current annual salary, average annual bonus for the past three years, unpaid vacation pay and value of six months of medical benefits, plus interest thereon at 5% per annum from the Effective Date through November 3, 2008.”
So, can anyone explain to the class why he’s leaving?
I just noticed today that Google has recently updated the West Chester area satellite images they use. The old EB lot shows as completely empty, including that the old white van EB owned is gone. Another trace of our history is gone from the internet...
Image captured from Google Maps.
ECONOMY IN THE DUMPS? NOT FOR GAMESTOPBy Curt Feldman
The uncertainty that confronts consumers and investors in the U.S. is staggering. There's the price of gasoline, which creeps higher almost daily; a housing market that month after month gets gloomier and gloomier; and the conflict in Iraq that has cost the U.S. an estimated $3 trillion.
Is it any wonder that the Consumer Confidence Index--maybe the most telling measure of how rank-and-file consumers view their economic health both present and future--is at a five-year low?
GameStop executives thinks the Grand Theft Auto IV release could net them $100 million in one week.
Shift for a second from the very real world of kids, homes, global conflict, and cars to the make-believe world of video games.
There, at least for some, the economy that is breeding so much concern and trepidation seems a distant factor.
Times are good, with double digit growth expected for sales of games this calendar year as well as for the hardware that's used to play those games.
But even among the winners in the game sector there is one that stands to gain the most--the nation's biggest specialty retailer of games and game-playing consoles, GameStop.
In a perfect storm of technology, demographic shift, and pricing, the retailer is bucking the general trends in the broader economy and stands to profit like it has never before.
"As we analyze our sales deployment, we can't find evidence of the economy affecting our business," company officials said recently. "In fact, like we did after 9/11, we're seeing [comparable] store growth as consumers travel less and stay at home more, as well as trade in more games on new game purchases."
GameStop executives explained their enviable position, calling the present moment for them the outcome of the game industry reaching "a transformative stage made up of many pieces, all of which have a profound impact on our business."
The company's financials tell some of the story: for all of last year, GameStop's sales increased 33 percent, same store sales increased nearly 25 percent, and profit for the company increased 82 percent compared to the previous year. "By any barometer," one company executive said in a conference call with analysts, "[it's been] another outstanding year for GameStop."
One industry analyst, Janco Partners' Mike Hickey, forecasts growth for the company that builds even further on those enviable figures.
"Accelerating demand for next-gen hardware including the PlayStation 3 should benefit comparable store sales in the [present] period," Hickey said of the company, who added it is not just demand, but broad demand which is fueling GameStop growth.
Success for GameStop is "highly attributable to video game play attracting a mainstream audience," with the demographic expansion having much to do with "new consoles like the Wii, which pull back on the geekish complexity of typical content aimed at hardcore gamers."
But it's really the library of upcoming games that will supply GameStop with most of its revenue infusion in 2008. Hickey said today he expects that the release of Grand Theft Auto IV could net the company more than $100 million--in a single week.
"GTA IV...could ship 5.8 million units in the first week, or $360 million in retail sales and potentially $110 million for the Company," says Hickey. He said the game's publisher, Take-Two Interactive, is tracking higher than anticipated preorders leading to the game's April 29 release date.
Another game which should help GameStop tally record revenues this year is the second expansion pack for Blizzard Entertainment's phenomenally successful multiplayer game World of Warcraft. The game has an active user base of 10 million, a chunk of which has already proven themselves interested in acquiring product extensions when they become available.
The first World of Warcraft expansion pack released last year sold 2.4 million copies in 24 hours and 3.5 million copies in the first month, Hickey says. The game's second expansion pack, Wrath of the Lich King, is expected to be released in the second half of 2008 "and should provide meaningful product sales over a considerably larger World of Warcraft subscriber base."
From every vantage point, the year is shaping up to be one of record-setting revenues and profit for GameStop--with more than just insiders noting the potential.
Today on Wall Street, investors clamored for GameStop shares, bidding up the price just a nickel shy of $4, or almost 8 percent, to $55.66.
Hickey, who is projecting that GameStop shares will top $70 in the next year, says investing in the company "offers investors an opportunity to participate in the growth of the video game market with comparatively less operational volatility than publishers and offers [an investment opportunity based] on the remarkable success of the Wii and DS platforms from Nintendo."
Copyright: TM & © 2007 Turner Broadcasting System, Inc. A Time Warner Company, or its licensors. Patent pending. All Rights Reserved.
