GameStop Set To Close 200 Stores, Blames “The Longevity of the Current Console Cycle”
I really don’t know what to make of this news. On one hand, GameStop has been outclassed recently by Best Buy’s trade in offers and Amazon’s sales, with them still not offering enough of a discount on used titles. On the other, it means that a lot of people will be out of jobs.
Either way, GameStop announced at their Q3 earnings that they will be shutting down 200 stores out of their over 6,000, due to a sales drop of 8.3%. Don’t feel too bad for them though, they still made $1.77 billion during their third quarter.
They didn’t say which stores would be closing and at what time, but the CEO of GameStop, J. Paul Raines, did attribute the drop to “the longevity of the current console cycle and the difficult comparison of major new software titles released during the third quarter of 2012.”
What do you think of this news? Do you really care? Do you think I’m wearing pants, shorts, or nothing? Let us know in the comments section below.