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GameStop plans to close another 300 stores this year

It seems like GameStop still hasn't been able to turn its business around and in a recent earnings call, said that it was going to shut downward another 300 stores this year. According to a report by Comic Book, the visitor airtight 321 stores last fiscal year but it yet has 5,500 locations. That'south more what many clothing retailers have if you wanted a comparison.

The outlet said the following almost the situation.

GameStop has announced that it will be closing over 300 stores this year every bit function of its ongoing effort to 'de-densify.' The news comes way of GameStop's newest earnings call, which also featured a comment from the retailer nigh a possible PlayStation 5 (PS5) and Xbox Series 10 delay. Co-ordinate to GameStop, it airtight 321 stores final fiscal year, bringing its shop count to 5,500 locations. That said, according to... George Sherman, there are plans to come across or possibly exceed this number during this fiscal twelvemonth, which means there will presently be many GameStop employees out of a job... Looking alee, GameStop notes it'due south currently difficult to provide financial guidance to its investors for this fiscal year given the coronavirus. However, the retailer does notation it expects a challenging first three quarters, only hopes this volition be made upward for in the final quarter, courtesy of the PS5 and Xbox Series X.

Hopefully, GameStop will exist able to recover, but I call back it'll accept to cutting thousands of stores earlier it reaches a bespeak where it's sustainable. It'due south no secret that game sales are going towards the digital space, and with expansive cloud game streaming around the corner, GameStop may simply be the place you buy consoles and collector's edition, as well as other gaming-related trade.

Permit'southward hope that those who will be laid are able to find jobs soon. The global economy isn't doing so well and in the United States alone, over 3 million people have lost their jobs as of now.

Source: https://www.windowscentral.com/gamestop-plans-close-another-300-stores-year

Posted by: camposbaccomithe.blogspot.com

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