GameStop will shut down up to 200 stores as part of reboot
Even more closures could be coming.
- Carrie has lived on both coasts and can definitively say that Chesapeake Bay blue crabs are the best.
GameStop stores are on the chopping block.
GameStop is ready for a reboot. As part of a plan to revamp the struggling company, the video game retailer said it will close up to 200 underperforming stores.
During an earnings call on Tuesday, Chief Financial Officer Jim Bell said the company is on track to close between 180 and 200 stores globally by the end of its fiscal year, which is February 2020. The company also expects a "much larger tranche of closures" over the coming 12 to 24 months, Bell said, but didn't provide a specific number.
It's unclear how many of the stores slated for shutdown are in the US. GameStop didn't immediately respond to a request for comment.
GameStop has struggled financially in recent years, and reportedly explored a possible sale last year. In August, the company laid off more than 100 employees. But on Tuesday, executives said they're intent on improving the company and offered details on an initiative they're calling "GameStop Reboot."
"We are committed to acting with a sense of urgency to address the areas of the business that are critical to achieving long-term success and value creation for all our stakeholders, said GameStop CEO George Sherman in a release. "Our strategic plan is anchored on four tenets which include, optimizing the core business by driving efficiency and effectiveness, creating the social and cultural hub of gaming within each GameStop, building compelling digital capabilities, and transforming our vendor and partner relationships for an evolving video game industry."
