It doesn’t look like a stock surge won’t save this one. It was reported over the weekend that GameStop is closing over 400 stores across the country. Currently, the amount of closing stores sits at around 421, as of this writing. Including my old haunt in the Westfield Topanga Plaza that has been there forever.
A blog that lists the closing of the retailer has been keeping busy logging the stores that have or will close in January. Closing are not limited to U.S., but closings coming to Europe and Canada. Of course this is out to make the board more money. Employees of the company claimed that they weren’t really given any notice about the closures. This is normal (doesn’t mean it’s cool) procedure for retailers.
The only upside is for the CEO, Ryan Cohen, that is shooting for his $35 billion bonus. We can all wish him luck in his endeavor. I really wish there was such thing as sarcasm font.
GameStop closing isn’t surprising
You have all seen the memes. With the advent of PlayStation or Xbox game stores, it made physical games obsolete. More importantly, more cost effective. Not to mention trade-ins were a joke. You get a price, but it’s missing a small item – that is a $20 price drop.
Before I left Los Angeles, I walked through my former GameStop. It was sad. Used games only $10 less than brand new. Declining selection of pop culture merchandise. I am not sad to see the company go. I do feel for the employees that lost their jobs. Especially since retail seems to be a dying breed.
Honestly, GameStop should’ve died a long time ago. However, in the doomed mall landscape, this won’t be the last of the major retailers to end. Especially since I can buy games cheaper almost anywhere else.