Tuesday, March 31, 2020

GameStop To Close At Least 320 Stores In 2020

Video game retailer GameStop says it will close at least 320 GameStop stores globally this year. The news was announced by GameStop’s executive vice president and chief financial officer Jim Bell during the company’s recent earnings call. Here’s what Mr. Bell had to say:
“We continue to focus on optimizing our global store fleet in fiscal 2019 and closed a net total of 321 stores inclusive of 333 closings and 12 openings. In fiscal 2020, we will continue in our efforts to de-densify our store base, focused on maximizing product productivity of the entire fleet,” he said.
“[We] anticipate store closures to be equal to or more than 320 net closures we saw in fiscal 2019 on a global basis. Importantly, we want to emphasize that these store closures are a very specific and proactive part of our de-densification plan and they are not related to recent business trends.”

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