Should GameStop shareholders and employees be worried?  The company’s director, Leonard Riggio, has apparently sold off 2.3 million shares of the company, lowering his controlling interest from 6.9 percent of the company to 5.5 percent, and pocketing an estimated $60 million in the process.

While it could simply be a case where Riggio, subject to the same economic downturn as the rest of us, needed some quick cash.  $60 million is a lot of quick cash, though, and some sources are speculating that he may be pulling out just before GameStop experiences a massive loss.

While most analysts have been largely positive about GameStop’s holiday sales prospects, it’s possible that the retailer is starting to feel the effects of digital downloads and exclusive content for those who buy games new.  This winter will likely be very telling about the future of GameStop and brick and mortar retailers in general, so we’ll see if Riggio picks some of his stock back up after Christmas, or if he sells everything, changes his name, and moves to Uruguay.  One way or the other.

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