US retailer GameStop has begun closing its stores in the Nordic region of Europe.

Speaking to investors - as transcribed by Seeking Alpha - CEO George Sherman (pictured) said that it was winding down its operations in Denmark, Finland, Norway and Sweden. The corporation reckons it will see an improvement of $15m in its EBITDA, which is effectively a measure of profit and loss.

The company believes it will be out of these markets by the end of 2020.

"We have shared with you our commitment to evaluate every aspect of our business and take decisive actions to address underperforming areas of our business," Sherman said.

"In that light, we've begun the process to wind down our operations in the Nordic region of Europe, including operations in Denmark, Finland, Norway and Sweden. While this will take several months to complete, we believe this effort will yield roughly $15 million in EBITDA run rate improvement."

GameStop also believes that "offshoots" from the games industry, including esports, have the potential for "significant growth" for the company.