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GameStop to close around another 100 stores this year

GameStop to close around another 100 stores this year

US-based retailer GameStop is set to close at least another 100 stores this year.

Speaking to investors - as reported by Seeking Alpha - CFO Jim Bell said that the company planned to close between 400 and 450 stores this financial year. That's about 100 more than the 320 locations that GameStop revealed it would be closing earlier this March.

"At the end of the quarter, we operated 5,122 stores worldwide, which is 602 fewer stores compared to last year," Bell said.

"Given the strong sales and profit transfer rates we continue to experience we're on track to close a total of approximately 400 to 450 stores worldwide this fiscal year. These closures along with the growth in our online business and expanded omnichannel capabilities will allow us to more efficiently and profitably service our customers."

This comes as the company reported a 27 per cent decline in net sales year-on-year for the three months ending August 1st, 2020.


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PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site PCGamesInsider.biz. In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for GamesIndustry.biz, VGC, Games London, The Observer/Guardian and Esquire UK.

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