Tuesday, March 28, 2017

GameStop To Close Over 100 Stores

According to CNN Money, video game retailer GameStop is set to close 2% to 3% of its stores. This means that around 190 stores could shut down. The company blames a lack of big titles towards the end of last year and the fact that Sony and Microsoft didn’t launch new consoles, which doesn’t quite make sense as the PlayStation 4 Pro and Xbox One S were released.

“At the core of GameStop’s issues: It’s not selling enough video games. CEO Paul Raines said in a statement Thursday that “the video game category was weak, particularly in the back half of 2016.” That’s because the biggest names in gaming — Playstation maker Sony (SNE) and Xbox maker Microsoft (MSFT, Tech30) — haven’t updated their consoles in a while, Raines said. That creates a lag in business for retailers like GameStop”.

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