Shares of Gamestop took a big hit on Monday dropping 10.33% at closing bell.
This is after the company announced a new FlexPay leasing program which allows consumers to purchase consoles and games through payments. This is from a new partnership with Quadpay, Klarma, and Progressive Leasing.
Many are quick to note the horrible business practices with Progressive Leasing being considered a “scam” by some. Part of the argument stems from an article from Derek Strickland of TweakTown who found that based off the Progressive Leasing website, that if you purchased a $499 console with no credit, you would end up paying a whopping $1,181.75 under a 12-month payment plan.