GameStop to close up to 200 stores

12 Septembre, 2019, 06:47 | Auteur: Auguste Feret
  • GameStop to close 180-200 stores globally, many more closures coming

He said: "While that is an impressive statistic, we have a clear opportunity to improve our overall profitability by de-densifying our chain".

During an earnings call on Tuesday, Chief Financial Officer Jim Bell said the company is on track to close between 180 and 200 stores globally by the end of its fiscal year, which is February 2020.

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.
Global sales decreased 14.3 percent to a total of $1.3 billion. Comparable store sales were down 11.6 percent as well.

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According to Jim Bell, GameStop CFO, the company closed 195 stores over the past year. And new competition looms: Apple will launch a videogame subscription service on September 19, with a monthly fee of $4.99 a month. Earlier this year, the retailer announced a series of partnerships in the fast-growing esport space, which involve live video game competitions, are growing at a breakneck pace. A major headwind facing the retailer is that gamers no longer necessarily need or want to buy their video games at a brick-and-mortar store. To have just 200 of those underperforming would be unsurprising, but what we don't know is how many more stores Bell has in his sights for closure next year.

GameStop has undergone what it calls a reboot strategy, which incorporates, "optimizing the core business by driving efficiency and effectiveness, creating the social and cultural hub of gaming within each GameStop, building compelling digital capabilities, and transforming our vendor and partner relationships for an evolving video game industry", George Sherman, GameStop's CEO said in a statement.

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