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× GameStop to close more than 100 locationsNEW YORK (CNNMoney) — It’s game over for more than 100 GameStop retail locations.
Bright spots for GameStop include its non-gaming related brands, like Spring Mobile, and its sales of pop culture collectibles, which are sold at GameStop stores.
GameStop is just one name among a long list of brick-and-mortar retailers struggling to compete with e-commerce giants like Amazo.
GameStop currently operates more than 6,600 stores globally, including 4,400 in the United States.
That creates a lag in business for retailers like GameStop.
GameStop to close 150 stores
This year, GameStop plans to open 65 Technology Brand stores and 35 Collectibles stores and will close 2% to 3% of its GameStop stores, which amounts to at least 150 stores.
(Photo: Ethan Miller, Getty Images)Shares of GameStop slid more than 12% in afternoon trading Friday after the video game retailer reported a drop in fourth-quarter sales and announced plans to close at least 150 of its 7,500 stores worldwide.
GameStop blamed weak sales of certain blockbuster video games released during the critical holiday season and “aggressive console promotions” by other retailers.
Mizuho analyst San Q. Phan said GameStop has indicated “its multiple replenishments since launch have sold out in hours.”
“We encountered stiff headwinds as we completed the third year of the console cycle,” GameStop CEO Paul Raines said.
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