It’s its management. Gamestop wasnt able to catch up with the times and a pile of money won’t help them. The model isn’t vaible anymore and if they pivot into something else they may as well change the name as it would be irrelevant. A start up experiences most progress when they’re small and nimble. I assume Gamestop as a corp has accumulated a lot of cruft and that would hold them back.

Speaking of management...Ryan Cohen, founder of Chewy.com is a recent heavy investor in Gamestop. Pretty sure he knows a thing or two about startups and he wouldn't be pouring in money into it if he felt it's hopeless.

Probably its directors, who would probably be part of a startup if it was in their nature. As a director of GameStop they likely have other fine competencies suitable for running a large reseller org.