GameStop Closing 120 Stores in 2014
GameStop will be closing 120 game stores in fiscal year 2014.
These plans were revealed in a recent investor presentation where CEO Paul Raines announced the company’s intention to institute what he described as “GameStop 3.0.” According to Raines, GameStop 3.0 will be a new initiative on the part of the video game retailer to expand beyond its current business into gaming related tech-fields.
As a part of its 3.0 plans it will be opening between 200 and 250 Spring Mobile locations as well as 20-25 Simply Mac stores to help bolster its sales of smartphones and tablets. The company will also be adding between 100 and 150 Cricket locations to its existing GameStop stores, vastly expanding its pre-paid wireless sales potential.
These new openings will be offset by the closure of around 120 GameStop stores. The retailer currently has 6,457 locations around the world.