GameStop Corp. (NYSE: GME) shares shot up to more than $240 today, over double their value last week. This has been the highest close since February.

GAMESTOP TO GET A NEW BREATH OF LIFE IN E-COMMERCE

We can attribute the spike to Chewy co-founder Ryan Cohen's involvement. The company announced that Cohen will spearhead a new strategy committee. This committee will aid the company’s brick-and-mortar retail shift to an e-commerce platform.

Cohen will be working with co-board member and former Chewy top operations executive Alan Attal. Both joined GameStop's board last January. They will also be working with Kurt Wolf, chief investment officer of Hestia Capital Management. Since the formation of the committee, the company also appointed a chief technology officer and two executives to lead its digital platforms. Both positions were made specifically with regards to e-commerce and customer service. 

The shares’ spike earlier this 2021 due to amateur investors was also aided by an investment from Cohen. He wanted to shift the retailer’s focus from physical storefronts to a more lucrative online platform. The once-struggling company’s GME stock grew from a measly $17 to a whopping $483 in a span of a few weeks, before settling down to around $90. In the process, GameStop rode the surge and cemented itself in the market with a value of around $14.2 billion.

Over the past week, GME started increasing again to around $120.

“The Committee will continue to focus on identifying actions that can transform GameStop into a technology business and help create enduring value for stockholders,” the company said in a statement. The board also appointed Attal as its chair in the nominating and corporate governance committee. On the other hand, they made Wolf the compensation committee’s chair. The board tasked the special committee to evaluate GameStop’s initiatives including, but not limited to, their capital structure, digital capabilities, personnel, and operations.