Video Game Retailer With Corridor Locations Closes More Stores
A video game retailer that announced store closures is now having to shut down more locations than originally anticipated.
Last year we told you that GameStop intended to close up to 200 locations by early 2020. Now, over half way in to the year, it's looking like even more stores will have to go.
According to KWQC, GameStop is now closing about "a hundred more stores than originally planned." That's not all either. They are apparently expecting to close even more next year. The report states that after an earnings call the number of expected store closures increased from the 320 originally anticipated to between 400 and 450 locations globally.
As with most retailers, GameStop has seen a high percentage of online sales that account for 20% of their overall earnings, according to the report. But, with store sales on the decline, it's no wonder they're having to make adjustments.
There are two GameStop locations in Cedar Rapids, one at Wiley Blvd. SW and the other at 1st Ave. NE in Lindale Mall. There's no word yet on if those locations will be affected.
Another retailer that was on the decline was J.C. Penny, but luckily for them two property groups have a tentative plan to buy the company out of bankruptcy. The sale would save approximately 70,000 jobs and J.C. Penney would have $1 billion in cash when it's all said and done.
As if retailers didn't have it bad enough, the pandemic sure isn't helping. Only time will tell the fate of the brick-and-mortar stores.