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 more than 1,000 locations across the globe in the last year alone, GameStop announced more store closures. GameStop did not reveal how many more stores it would close, but said it would be a “significant number.”
In addition, the company said as more stores close, it will invest more in cryptocurrencies. GameStop revealed it’s attempting to raise $1.3 billion in order to buy Bitcoin.
Related: Veteran trader takes second look at GameStop after earnings
At its peak, GameStop operated about 6,000 locations worldwide. However, that number has been reduced to less than half that — with nearly 600 stores being closed in the U.S. alone.
GameStops most recent earnings report revealed a 28% drop in year-over-year sales. The company reported revenue of $1.28 billion, missing Wall Street’s estimate by about $200 million.
That’ll do it for your daily briefing. From New York City, I’m Kelsey Barberio with TheStreet.
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