GameStop To Close At Least 150 Stores Due To Poor Q4 Sales

GameStop announced last week that it will be closing more than 150 of its stores globally due to "weak sales of certain AAA titles and aggressive console promotions by other retailers." The chain also mentioned it "anticipates that it will close between two percent to three percent of its global store footprint" in 2017. Nintendo Wire reports: The Q4 window is often the high point of video game sales, yet despite the launch of new hardware in the PlayStation 4 Pro and a few major releases, it wasn't enough in the company's eyes. Despite this, GameStop still plans on opening 100 stores in 2017 which will likely focus more on non-gaming business, such as the Spring Mobile brand and vinyl collectibles. GameStop CEO Paul Raines said in a statement: "The video game category was weak, particularly in the back half of 2016, as the console cycle ages. Looking at 2017, Technology Brands and Collectibles are expected to generate another year of strong growth, and new hardware innovation in the video game category looks promising." You can view GameStop's 2016 earnings report here. Read more of this story at Slashdot.
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