Gamestop Closing 400-450 Stores With More Closures Coming In 2021

by Jay Cochran
September 14, 2020
The woes of the video game retailer Gamestop continue during this time of the COVID-19 pandemic. Last week it was announced that their second quarter revenue came in below analysts' expectations despite online sales going up by 800%. Back in March Gamestop had announced it planned to close 300 of it's physical stores globally, but now according to CNN they have raised that number to somewhere between 400-450 stores, with more closures coming in 2021. CFO Jim Bell said the closures would “allow us to more efficiently and profitably service our customers”

Right not there are about 5100 stores remaining worldwide.



Comments...

Last 10 comments - ( Read All Posts )
Flounnderr - 2020-09-15 @ 1:16 pm

I thought I would chime in on the percentage debate here and let you guys know that 10% is called decimation.

Its extremely devastating when it was practiced in warfare and you can also apply it to physical businesses. While it's not a kill blow to the business it is significant enough to allow for financial restructuring.

I think most people'srelationship to percentages are in terms of discounts, and a 10% discount isn't much of a deal but when applied to trimming a business this is a meaningful first step.

jlavaia - 2020-09-14 @ 5:12 pm
28 minutes ago, Satam said:

I haven't even been able to get onto their website for the last two weeks.

their website is so hit and miss. the pick up in store is always wrong, pre-ordering online rarely works out. thats why they need the local stores to stay open to solve all their website issues and handle pre-orders. this is a big part if their current financial issues.

jlavaia - 2020-09-14 @ 5:04 pm
1 hour ago, mako said:

Actually, that's 1/10th of a 100% . . . as in 1/10th of ALL Gamestop stores. I don't care what math you use, that IS alot.

yes, 10% is the same as 1/10. 10% is 10/100, same as 1/10. and its not as much as it should be is what i was saying. closing only 10% of yourstores is not gonna magically turn negatives into positives. look at companies like bed bath and beyond, theyre set to eliminate 20% of their stores in this same timeframe and face the same struggles as gamestop.

Satam - 2020-09-14 @ 4:58 pm

I haven't even been able to get onto their website for the last two weeks.

mako - 2020-09-14 @ 3:49 pm
25 minutes ago, jlavaia said:

yeah me too. 10% is not alot of stores.

Actually, that's 1/10th of a 100% . . . as in 1/10th of ALL Gamestop stores. I don't care what math you use, that IS alot.

jlavaia - 2020-09-14 @ 3:25 pm
20 minutes ago, iRandom said:

I'm surprised more aren't closing between more game consoles going electronic delivery only and Wal-Mart seemingly taking a bigger piece of the collectible toy exclusivesmarket. MotU Classics and the carded Joes would have been a good fit for GS.

I think it is only a matter of time before all the consoles are electronic delivery only. I prefer a console with an optical disc slot since I tend to use a console for playing my oldmovies just as much as playing games. However,I do find it inconvenient having to constantly swap discs to verify that I own a game. My current console may very well be my last given that I don't really play games any more.

The only thing I saw people doing at GS lately was selling old gear and games (for pennies on the dollar) or picking up their POP preorders.

yeah me too. 10% is not alot of stores. and they are bleeding money this year. theyre gonna have to go to mostly online at some point with only a few flagship stores remaining open.

iRandom - 2020-09-14 @ 3:21 pm

I'm surprised more aren't closing between more game consoles going electronic delivery only and Wal-Mart seemingly taking a bigger piece of the collectible toy exclusivesmarket. MotU Classics and the carded Joes would have been a good fit for GS.

I think it is only a matter of time before all the consoles are electronic delivery only. I prefer a console with an optical disc slot since I tend to use a console for playing my oldmovies just as much as playing games. However,I do find it inconvenient having to constantly swap discs to verify that I own a game. My current console may very well be my last given that I don't really play games any more.

The only thing I saw people doing at GS lately was selling old gear and games (for pennies on the dollar) or picking up their POP preorders.

jlavaia - 2020-09-14 @ 3:20 pm
52 minutes ago, mako said:

Another one bites the dust.

Never been a big Gamestop guy, but I've gotten real sick lately of watching previously healthy businesses go belly up while Congress can't bring themselves to interrupt their monthly paid vacations long enough to give a crap.

I figure by the time the pandemic,and the mess the governments made of the country in fear of it,is straitened out, there will be exactly two businesses left. The public relations firm the government pays to lie to us about how the economy is improving, and Pelosi's hair-dresser.

except gamestop was not a healthy business before the pandemic. and the company isnt folding, just closing 10% of its stores in an attempt to cut down overhead so that next year they may see profit.

i also fail to see what the united states government has to do with this article. they dont own or operate gamestop. the additional closings is just an add-on to something theyve had planned for 2 years. youre preaching on the wrong site, this is toynewsi not cspan.

mako - 2020-09-14 @ 2:36 pm

Another one bites the dust.

Never been a big Gamestop guy, but I've gotten real sick lately of watching previously healthy businesses go belly up while Congress can't bring themselves to interrupt their monthly paid vacations long enough to give a crap.

I figure by the time the pandemic,and the mess the governments made of the country in fear of it,is straitened out, there will be exactly two businesses left. The public relations firm the government pays to lie to us about how the economy is improving, and Pelosi's hair-dresser.

Gilgamesh79 - 2020-09-14 @ 12:15 pm

I feel bad for the people losing their jobs but I'm not going to miss the stores. The only time I've bought anything from Gamestop in over a decade has been after it's gone on clearance.

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