Gamestop Confirmed To Close Up To 200 Stores In US By Years End As Company Continues To Lose Money

by Jay Cochran
September 11, 2019
Rumors last week began surfacing that some major changes were coming to the former video game giant retailer Gamestop that included closing around half of their physical stores here in the United States.

Yesterday Gamestop held its earnings call where the CEO confirmed they would in fact be closing between 180-200 of their under-performing retail stores here in the United States by the end of the fiscal year. This will be done in an effort to try an optimize their remaining stores in increasingly digital world. It was reported that the retailer had somewhere around a 14 percent loss in global sales this past quarter. There are currently 5,700 stores across 14 countries in operation and they have already closed 195 stores since the second quarter of last year. They also in early August laid off around 200 employees across multiple divisions followed by second round of layoffs a few weeks later which focused on 120 corporate staff positions.

The initial news of the store closings came to light last week from a Youtuber who goes by the name of CAMELOT331, who was a former and seemingly somewhat disgruntled Gamestop employee.

CAMELOT331 has also reported some major changes for the remaining open stores will soon be implemented which includes things like becoming retro and tabletop gaming stores where people can play vintage arcade games as well as things like D&D and HeroClix. That has yet to be officially confirmed but CAMELOTT has admittedly been pretty dead on with his reporting on Gamestop up until this point.

In the past year or so Gamestop has been putting a lot of focus on selling action figures and collectibles, so if the retailer ends up going under in the near future as some fear, it will likely be another retail blow to the toy industry which is still trying to recover after the recent fall of Toys R' Us.

Comments...

Last 10 comments - ( Read All Posts )
Goldbug - 2019-09-13 @ 2:33 am
On 9/11/2019 at 4:18 PM, Outsiders said:

I never went to GameStop because they mainly turned into another Toys R' Us in my city. Both stores would just have employees that worked there to just pop and pull exclusive or chase figures and throw them on eBay.

I have used GameStop online but only if they were carrying exclusive figures that I wanted but not for video games. I personally don't want to deal with a brick and mortar store that will give you $15 dollars for a $60 dollar game you just purchased.

Well those employees should have been fired if they did that.

Plus this article confirms they will try to turn into a social hub for gaming.

https://abc7chicago.com/entertainment/gamestop-closing-180-200-stores-across-us-/5534676/

I don't mind my GameStop stores at all. They aren't a mess either.

memocromatico - 2019-09-12 @ 5:06 pm

I enjoy my games physical, as well as my movies, I still buy cds and albums because I like the art, even if I listen to it streaming. Regardless, I don't do retail anymore, I've found online to be more reliable to purchase the things I look for.

JayC - 2019-09-12 @ 1:03 pm

On one possible positive note, I saw this morning that apparently Collectibles is the only area Gamestop has experienced growth. It was saidcollectibles were up 21.2% year-over-year.

I've said this before but they should just nix the video games all-together and become a national adult action figure and collectible store chain. Yeah it's not going to be as profitable as video games where at the height of Gamestops dominance and likely couldn't sustain as many stores as before but they would basically be unique, a national toy store chain that caters to the adult action figure and collectible collector as it's primary consumer base.

They could rename the stores "POP Stop". Pop being short for Pop Culture.

Figurecollector123 - 2019-09-11 @ 11:39 pm

Surprisingly easier to get legends at GameStop then most other places.

Outsiders - 2019-09-11 @ 9:18 pm

I never went to GameStop because they mainly turned into another Toys R' Us in my city. Both stores would just have employees that worked there to just pop and pull exclusive or chase figures and throw them on eBay.

I have used GameStop online but only if they were carrying exclusive figures that I wanted but not for video games. I personally don't want to deal with a brick and mortar store that will give you $15 dollars for a $60 dollar game you just purchased.

allhailmegatron - 2019-09-11 @ 9:03 pm

damn I really hope they don't close gamestop I love that store

Neovorticism2 - 2019-09-11 @ 8:06 pm

Everything shall fall...

My simpathy for all the ppl who'll lose their jobs.

FigureKingdom - 2019-09-11 @ 7:55 pm

This is really sad news to hear. I personally love Gamestop and all the nostalgia I get from visiting their stores. I have nothing but positive experiences from shopping there. What is alarming is going on Twitter and seeing some of the mentions and hashtags from many customers. Many customers complain about having their orders canceled, online technical issues, and lack of reachable customer service. I spent a good 20 minutes on Twitter and this was a common theme. I really hope Gamestop will be able to turn things around and evolve. Apple at one point in time was in deep trouble way back in the day, so I have faith that Gamestop can also pull through!

JayC - 2019-09-11 @ 7:34 pm
On 9/8/2019 at 2:20 AM, mostlyharmless said:

It's disappointing to see what looks like a reliable source of information distributing the propaganda of aex-employee who is clearly bitter about being fired. First of all it's ridiculous to even consider a company closing any of it's stores that still have timeleft on their lease when said company hasn't filed and isn't anywhere close to filing for bankruptcy. Don't get too caught up in the stock price either. The fact that it's low make it easier/cheaper for the company to repurchase. And the next wave of consoles will clearly buy the company a few more years. Oh and if something like this was to happen there wouldn't be a lot of people in the loop on it either. Executives and Board of Directors probably, not anyone that would trouble themselves to talk to Camelot you can be sure about that. But you do you, negative articles are good for clicks aren't they?

He may be disgruntled but he seems to be dead on. Its been officially confirmed by the CEO they are in fact going to be closing between 180-200 stores by the end of the fiscal year, and the reason I ran the story is because he has demonstrated multiple times having accurate info hence making him a viable source. He reported about the layoffs before they were officially announced. I have no personal grudge against Gamestop in fact I hope they can find a viable way to restructure and continue on, but its my job to report news that impacts the action figure collecting community good or bad and this def will have an impact.

JayC - 2019-09-11 @ 7:29 pm
Gamestop Confirmed To Close Up To 200 Stores In US By Years End As Company Continues To Lose MoneySeptember 11, 2019Rumors last week began surfacing that some major changes were coming to the former video game giant retailer Gamestop that included closing around half of their physical stores here in the United States.Yesterday Gamestop held its earnings call where the CEO confirmed they would in fact be closing between 180-200 of their under-performing retail stores here in the United States by the end of the fiscal year. This will be done in an effort to try an optimize their remaining stores in increasingly digital world. It was reported that the retailer had somewhere around a 14 percent loss in global sales this past quarter. There are currently 5,700 stores across 14 countries in operation and they have already closed 195 stores since the second quarter of last year. They also in early August laid off around 200 employees across multiple divisions followed by second round of layoffs a few weeks later which focused on 120 corporate staff positions.The initial news of the store closings came to light last week from a Youtuber who goes by the name of CAMELOT331, who was a former and seemingly somewhat disgruntled Gamestop employee.CAMELOT331 has also reported some major changes for the remaining open stores will soon be implemented which includes things like becoming retro and tabletop gaming stores where people can play vintage arcade games as well as things like D&D and HeroClix. That has yet to be officially confirmed but CAMELOTT has admittedly been pretty dead on with his reporting on Gamestop up until this point.In the past year or so Gamestop has been putting a lot of focus on selling action figures and collectibles, so if the retailer ends up going under in the near future as some fear, it will likely be another retail blow to the toy industry which is still trying to recover after the recent fall of Toys R' Us.
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