GameStop Closing Over 150 Stores as Stocks Plummet

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  • GameStop Closing Over 150 Stores as Stocks Plummet

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    Shortly after the news came that hardware sales at GameStop fell over 29% (software down over 19%) in the fourth quarter, came the news that shares in the company were down 12%.

    GameStop announced that global sales has gone down 13.6% to 'just' $3.05 billion. As a result of this poor performance, GameStop also announced today that it will close between 2% to 3% of its stores around the world. This means the closure of at least 150 of its physical retail locations. They blame the decline in sales on strong holiday sales from competing retailers.

    On the plus side for the company, they said that they still plan to open 64 new Technology Brand stores and 35 Collectibles stores.

    (via Fortune, CNBC)
    Tags: Other, gamestop, game industry
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