GameStop unveils new plan to save the company
GameStop has closed more than half of its locations worldwide over the past decade.
Transcript:
Kelsey Barberio: After closing bigger than 1,000 locations across the globe in the closing year alone, GameStop launched more retailer closures. GameStop didn't be conscious what number of more stores it would close, nonetheless mentioned it will per chance be a “well-known quantity.”
In addition, the company mentioned as more stores close, this may likely make investments more in cryptocurrencies. GameStop revealed it’s making an strive to take $1.3 billion in report to amass Bitcoin.
Linked: Outdated school dealer takes 2d stare at GameStop after earnings
At its height, GameStop operated about 6,000 locations worldwide. However, that quantity has been diminished to much less than half of that — with in terms of 600 stores being closed in the U.S. alone.
GameStops most up-to-the-minute earnings checklist revealed a 28% tumble in year-over-year gross sales. The corporate reported earnings of $1.28 billion, lacking Wall Avenue’s estimate by about $200 million.
That’ll cease it in your on a standard foundation briefing. From New York City, I’m Kelsey Barberio with TheStreet.
See ICYMI This Week:
- In kind restaurant chain is overhauling its big menu
- Draw forward for sports activities venues: How structure is revamping the fan expertise
- Tesla's March deliveries may predicament off further tumble in the stock
- Tax Day is coming — Techniques to live some distance from these dear errors
What's Your Reaction?
