SAN FRANCISCO (KRON) – As many as 200 GameStop stores will be closing before the end of this year after another quarter of sharply declining sales, the company said.
The company’s chief financial officer Jim Bell said in a statement, that the drop in sales was attributed to trends “consistent with what we have historically observed towards the end of a hardware cycle.”
Since last year there have been 195 store closures, Bell said.
For the quarter ending in March 2019, GameStop reported a 13.3 sales decline and the company’s stock price plunged 40% in one day.
The company’s most recent annual report listed 5,830 locations worldwide, with more than 4,000 of them in the United States and Canada.
GameStop has previously said it was struggling with selling physical video games and consoles in brick-and-mortar stores during a time when people are downloading and streaming games from the internet.