GameStop Is Planning To Close 200 Stores
Gamestop plans to close 200 stores, the company announced on its Q3 earnings call with analysts.
The videogame retailer reported today that sales fell 8.3 percent. CEO J. Paul Raines blamed the drop on “the longevity of the current console cycle and the difficult comparison of major new software titles released during the third quarter of 2012."
While 200 stores is substantial, GameStop still has a huge footprint, with more than 6,000 locations.
It's not the only retailer struggling with the downturn in the video game industry.
Toys 'R' Us CEO Jerry Storch told us last month that sales are down because video games are flopping, down 30 percent in the past year.
"There just hasn't been much excitement in that category and it drags the rest of sales down," Storch said. "It's not that the internet is taking away our business, which is a popular story."
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