GameStop (GME) Shares Slide on Best Buy (BBY) 'Trade-In' Program

Shares of GameStop (NYSE: GME) are taking a dive as Best Buy (NYSE: BBY) announced that they would begin Trade-In, a new program for buying and selling pre-owned games launching in Best Buy stores nationwide. Shares of GME are down 6.63% to $20.43.

According to the Best Buy press release; " Beginning in late summer, consumers can bring their previously played video games into Best Buy and trade them for an instant Best Buy gift card to use for purchasing anything in the store, including any game or gaming accessory. They also can purchase a pre-owned game, which is backed by Best Buy’s return policy.

Gamers who take advantage of the new Trade-In program in store can visit the Customer Service desk, or in select locations a dedicated Trade-In desk within the gaming department, to turn in their games. Best Buy currently offers a similar program online at BestBuy.com that enables customers to get estimates for their games, mail them in for free and receive a Best Buy gift card 7-14 days later. Trade-In prices in-store will match the prices shown online."

Shares of Best Buy are down 7% on the day, after their Q1 results didn't impress investors.

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