American video game retailer GameStop has announced that it will grant $100,000 in scholarship money to 40 recipients of its "Power to the Scholars" program.
The initiative was introduced earlier this year alongside Scholarship America, Inc. It was only made available to GameStop employees and their dependents. GameStop launched the "Power to the Scholars" program as part of its charitable foundation, the Gamer Fund.
"Our objective with this program was to encourage our employees and their dependents to achieve their personal and professional goals through higher education," Gamer Fund President Mike Buskey said, according to Business Wire.
"At GameStop we are all about protecting the family, so, we are honored to be able to assist the scholarship recipients in their broader educational journeys, and look forward to seeing where they lead."
GameStop is expected to reach a sales peak later this year as the market for new video games and consoles remains slow, Seeking Alpha reports.
"If my predictions come true, GameStop is set to see its annual net profits decline 44% from 2014 to 2019," analyst Robbert Manders writes.
"It needs no explanation that if that is indeed the case, this won't be good for the stock price."
The United States-based video game retailer has purchased Geeknet, an online vendor, in a deal appraised at $140 million, Bloomberg reports.
GameStop, already the nation's largest video game chain, will acquire Geeknet's memorabilia for eventual sale at its own locations. The online vendor is reported to have sold $140.7 million worth of merchandise in fiscal year 2014.
GameStop is also expected to reimburse Geeknet for costs associated with the termination of a deal with Hot Topic, the company which previously agreed to acquire it. The video game retailer offered $20 per share for Geeknet while Hot Topic only offered $17.50.
GameSpot was founded in 1984 in Dallas, Texas.
