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GameStop Plans Stock Split

The video game retailer also plans to buy back $150 million in debt.


(GME) - Get GameStop Corp. Class A Report

announced a 2-for-1 stock split Monday and said it plans to buy back $150 million in debt.

The video game and software retailer said the stock split will be payable March 16 to shareholders of record Feb. 20.

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"As GameStop continues to rapidly grow, we wanted to make our stock more attractive to a broader range of potential investors," said Chairman and CEO R. Richard Fontaine in a press release Monday. "This stock split also reinforces the confidence that the board and I have in the GameStop buy, sell, trade strategy and the future of video game growth worldwide."

GameStop also said it plans to buy $150 million of senior floating rate notes and senior notes. The timing will be determined by market conditions and other factors, the retailer said.

Shares of GameStop recently changed hands at $53.29, down 24 cents.