GameStop has decided to close 100 more stores. They already planned to close about 350 stores, and now the number has increased. GameStop CFO Jim Bell implied that store closures will continue until 2021. These closures will happen in accordance with CDC guidelines.
The Covid-19 pandemic caused GameStop stores to be closed across the United States. And GameStop’s online sales increased by 800%; nevertheless, the company expected more.
For the financial recovery, the company has pinned its sales for next-gen consoles and online sales. Of course, there were plans for the themed stores, but Covid-19 has affected these plans.
The company plans to permanently close 300 more stores in the year 2021. The company wants to meet the number of closures that occurred in the previous fiscal year, which saw 321 closures. And GameStop has 5,500 operational stores across the US now.
The company pointed out in the financial uncertainty but noted that Covid-19 caused sales to increase by 2% in the recent months. GameStop made a profit in the fourth quarter and saw a decrease in net loss for the whole fiscal year from $ 673 million to $ 470.9 million this year.