Video Game Chain With Multiple Corridor Locations Closing Stores
GameStop is, you guessed it, becoming another victim of online shopping and more stuff you can now do on your phone.
It was not immediately known which stores will be among those closing, but the video game retailer, who has two locations in Cedar Rapids, one in Coralville and one Iowa City, announced with a "sense of urgency" they intend to close up to 200 locations by early 2020, and that's just the beginning.
The company reported a 14.3 percent year-over-year decline in sales, and a $415 million second-quarter loss.
An overall decline in console-based game sales nationwide by the industry was to blame, too.
They say they are revamping their store concepts "to create a social and cultural hub of gaming within each GameStop store", according to CEO George Sherman, who also has hope the next generation of console games will once again spark sales in-store.
Sherman says they want to close "overlapping" stores, which suggests a couple in the corridor might be among them.