GameStop is closing up to 200 stores worldwide

GameStop is closing up to 200 stores worldwide

GameStop is closing up to 200 stores worldwide

He said: "While that is an impressive statistic, we have a clear opportunity to improve our overall profitability by de-densifying our chain". Chief Financial Officer Jim Bell dropped that information in an earnings call, saying that despite GameStop already closing 195 stores, the company was "on track to close between 180 and 200 underperforming stores globally by the end of this fiscal year". The company reported a decrease in global sales of 14.3 percent to $1.3 billion. Same-store sales fell 11.6%.

GameStop said it is undergoing a cost-savings that is expected to return an annual operating profit increase in excess of $200 million, up from its initial estimate of $100 million. As a reminder we are at the latter end of a console generation, GameStop's hardware sales decreased by 41.1 percent, which the company notes is a reflection of Sony and Microsoft talking about the PlayStation 5 and Project Scarlett arriving next year. Instead, they can download the games directly to the gaming console, without having to leave their home.

The retailer has been working to deal with the changes in the market.

Eccentric indie rock singer Daniel Johnston dies, aged 58
He added: "You never knew what was going to happen at one of Daniel's shows, but it was always incredibly honest and genuine". Despite battling chronic mental illness, Johnston had an influential career as a singer-songwriter.

The bad news just keeps coming for the biggest video game retailer GameStop. If that happens, video game stores could dry up like CD stores did in the early 2000s.

"We are committed to acting with a sense of urgency to address the areas of the business that are critical to achieving long-term success and value creation for all our stakeholders, said GameStop CEO George Sherman in a release". "We will set GameStop on the correct strategic path and fully leverage our unique position and brand in the video game industry". The stores will be shut down between now, and the end of the year.

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