In a quarterly earnings call, the struggling games retailer detailed further decline amid the coronavirus pandemic.
It’s bad optics for a company that is already struggling financially. [UPDATE: All GameStop stores now closing]
The embattled game retailer gets a trio of new directors, including the beloved former president of Nintendo of America. Will the new board be able to resurrect a declining business?
The once mighty retailer is showing ‘sheer desperation’ according to one report, but it’s still possible for the company to turn it around even if immensely challenging.
CEO George Sherman continued to blame the company’s poor performance on the impending console transition.
“This is not uniquely a GameStop issue. This is a console issue,” CEO George Sherman said in an earnings call.
The video game specialty retailer missed earnings and revenue, sending the stock price tumbling.
GameStop stock continues to drop as the video game retailer lays off editors and staff across a number of departments.
GameStop share price continues to sink as company struggles to regroup in the face of digital distribution and subscription gaming.
The US retailer has partnered with design firm R/GA to focus on ‘unique in-store experiences.’ Analysts seem mixed on GameStop’s long-term prospects, however.
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