NERDBOT
    Facebook Twitter Instagram YouTube
    Subscribe
    NERDBOT
    • News
      • Reviews
    • Movies & TV
    • Comics
    • Gaming
    • Collectibles
    • Science & Tech
    • Nerd Culture
    • About Us
      • Join the Team at Nerdbot
    NERDBOT
    Home»Gaming»Gamestop Closing 180-200 Stores for Under-performing
    Gaming

    Gamestop Closing 180-200 Stores for Under-performing

    Kaylah VargasBy Kaylah VargasSeptember 12, 2019Updated:September 12, 20193 Mins Read
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email

    It’s game over for Gamestop. At least, that’s how it appears.

    During the recent GameStop Q2 earnings call, the company announced it would be closing between 180 and 200 “under-performing” stores globally between now and the end of the year.

    GameStop CFO James Bell praised that of the 5700 stores worldwide, 95% of them were profitable. However, that isn’t going to stop them from steamrolling through the stores that are lacking. This includes future closures in the next two years as well.

    “While that is an impressive statistic, we have a clear opportunity to improve our overall profitability by de-densifying our chain. That work is well underway. We are on track to close between 180 and 200 underperforming stores globally by the end of this fiscal year. And while these closures were more opportunistic, we are applying a more definitive, analytic approach, including profit levels and sales transferability, that we expect will yield a much larger tranche of closures over the coming 12 to 24 months.”

    James Bell

    This is all part of GameStop’s “Reboot” plan, which was a major focus of its Q2 earnings report (in which it posted a net loss of $415 million and an adjusted net loss of $32 million). The company struggles to regain its momentum after a challenging year of financial losses. As a part of the same plan, 50 employees lost their jobs in early August with another 120 laid off that same month. Including seven members of the Game Informer staff. The company also recently moved ThinkGeek in with GameStop proper and announced several new plans for stores.

    Bell blames this on the timing of the end of the current console generation.

    “We expect our year-over-year sales to be down over the next three to four quarters reflecting the end of [the console] cycle. Compounding this negative impact on sales is the fact that console makers have confirmed the launch earlier than they have in the past. We anticipate that this will lead to much lighter title slate through the rest of 2019 and early 2020 given the end of the cycle timing for current consoles.

    Bell

    “As a result, at this time we expect a percentage decline of comparable same-store sales for 2019 to be in the low teens, which includes a difficult comparable sales challenge from last year, as we’re up against blockbuster titles like Red Dead Redemption 2, 2018’s number one volume title, without a comparable launch in 2019.”

    Bell

    What do you think about this news? Let us know in the comments!

    Author

    Kaylah Vargas
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous ArticleSend Your Love a ‘Nightmare Before Christmas’ Bouquet in a Tiny Coffin!
    Next Article Astronomers Find Water on Habitable Zone Planet
    Kaylah Vargas

    I've been critically reviewing fandoms and geek culture for eight years. After spending four years of college focusing on literary analysis, I now apply that passion to my hobbies and love for the geekdom.

    Related Posts

    League of Legends – New Format for MSI and Worlds

    February 28, 2023

    Everything You Missed During Pokémon Day 2023

    February 28, 2023
    CSGORoll Homepage with CSGORoll affiliate code

    Is CSGORoll.Com Safe and Legit? – Full Review

    February 27, 2023

    Cancelled “Dead Rising 5” Footage Appears Online

    February 26, 2023

    What Does Poker Have Over Other Card Games?

    February 22, 2023

    Online Gambling Tips and Tricks for CA Players 2023

    February 22, 2023
    • Trending
    • Latest
    • Movies
    • TV

    Christian Activist Suing The NFL For $867 Trillion Over Half-Time Show

    February 5, 2020

    Marvel Eyeing GOT Star Nathalie Emmanuel To Play The MCU’s Storm

    June 27, 2019

    Rumor: Charlie Hunnam In Talks For New Wolverine Movie

    May 20, 2019

    Scientists Are Actually Trying to Open a Portal to a Mirror Universe(Yes Really)

    December 28, 2019

    Unforgettable Journey on a Rocky Mountaineer Train

    February 28, 2023

    Premium Seeds: A Beginner’s Guide to Buying Seeds

    February 28, 2023

    Lizzo Does Surprise Rammstein “Du Hast” Cover in Germany

    February 28, 2023

    How Blockchains and Cryptocurrencies Affect ERP Systems

    February 28, 2023

    Disney’s Next Live Action Film “Peter Pan & Wendy” Gets Trailer

    February 28, 2023

    “The Super Mario Bros. Movie” Release Moves Up

    February 28, 2023
    "Attack of the Meth Gator" Poster

    The Asylum Confirms “Attack of the Meth Gator” Film Coming

    February 27, 2023
    “The Pope's Exorcist”

    Russell Crowe Plays Real Life Priest in “The Pope’s Exorcist”

    February 26, 2023
    "The Last of Us" soundtrack

    HBO Releases “The Last of Us” Season 1 Sountrack

    February 28, 2023

    Arnold Schwarzenegger is “FUBAR” in First Trailer for Netflix Series

    February 28, 2023

    24-Hour “Sailor Moon” Channel Coming to Pluto TV

    February 28, 2023

    Eric Stonestreet to Play Mad Santa in “The Santa Clauses” S2

    February 27, 2023
    Related Posts

    None found

    San Diego Comic-Con
      • auction
      • carnivorous plant
      • dinosaur
      • pennyworth
      • San Diego Comic-Con
    NERDBOT
    Facebook Twitter Instagram YouTube
    © 2023 NERDBOT Media

    Type above and press Enter to search. Press Esc to cancel.