It’s hardly been a secret that for the last couple of years GameStop has been pretty much treading water in it hopes to remain viable (and alive) as a high-street retailer. With the store brand being predominantly known in America, earlier this year we already saw an announcement that around 350 store locations would be permanently closed.
Well, in a fresh report via CNN, it appears that the news isn’t getting any better. Following an announcement from the companies CFO Jim Bell, GameStop has confirmed that an additional 100 stores have now been marked for closure!
In making the decision, the company has said that the additional closures will “allow [GameStop] to more efficiently and profitably service our customers”. This doesn’t, however, come without a pretty hefty caveat. Namely, that they also confirmed that even more physical store closures are not only likely but are to expected throughout 2021.
There are no two ways about it, these moves have all the hallmarks of a company on the verge of collapse!
With many people transitioning their game purchases to digital or online retailers, it isn’t just GameStop, but pretty all high-street retailers have been struggling to survive this market transition over the last 10 years. GameStop does, however, have a number of other and arguably bigger problems largely revolving around its exceptionally poor image.
With the company having a pretty well-established reputation for dealing horrifically with its staff, their PR took a huge hit during the COVID-19 pandemic when senior management was found to be, very deliberately, attempting to bypass local laws regarding lockdown.
I predicted last year that GameStop wouldn’t survive 2020 and, at the time of writing, it looks like I may be proven to be wrong in that regard. With this increasingly negative news surrounding the company, however, it does continue to feel like it’s only a matter of time and that store closures are only an act that seemingly delays the inevitable.
What do you think? – Let us know in the comments!
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