US retail giant GameStop has said that it will continue closing its stores in an effort to shore up its losses.
Speaking to investors – as transcribed by Seeking Alpha – president Jim Bell said that during 2020, the company would likely be closing around the same number it shut during the 2019 fiscal year. That means around 320 stores are going to be closing around the world.
"In 2020, we will continue our work to densify our global store fleet and anticipate store closures to be equal to or more than 320 net closures we saw in fiscal 2019 on a global basis," Bell said.
"Importantly, we want to emphasise that these store closures are a very specific and proactive part of our dedensification plan and they are not related to recent business trends. Following several years of both organic and inorganic growth, this process is yielding profit synergies not heretofore realised. And in that light, we expect these closures to positively impact both sales and for our EBITDA growth as we transfer sales to nearby stores."
Part of this closure strategy will be focused on Denmark, Finland, Norway and Sweden, which GameStop has said will save it in the region of $15m in the past.