In their Second Quarter Fiscal 2019 Results, GameStop revealed they will be closing anywhere from 180-200 stores. This comes after the company posted a $32 million loss causing the company’s stock to drop 9.82% to $4.59 per share.
Gamestop CFO James Bell said in the results:
“While these closures were more opportunistic, we are applying a more definitive, analytic approach, including profit levels and sales transferability, that we expect will yield a much larger tranche of closures over the coming 12 to 24 months.”
It’s still speculated that this is to soften the blow to a rumor that started last week that GameStop would be closing over half their stores at the end of the year.