GameStop Closes Hundreds of Stores as CEO Eyes $35 Billion Payout
GameStop, the American video game, consumer electronics, and gaming merchandise retailer, has announced the closure of hundreds of stores across the United States. This move comes as the company's CEO, Ryan Cohen, aims to take home a $35 billion payout in performance-based stock options.
The news was first reported by IGN [5], citing sources close to the matter. According to the report, GameStop plans to close around 400 stores, which is approximately 20% of its total store count. This move is expected to impact thousands of employees, who will either be laid off or transferred to other locations.
The closure of these stores is part of GameStop's strategy to focus on its online business and improve its overall profitability. The company has been struggling in recent years, with declining sales and increased competition from online retailers.
GameStop's decision to close hundreds of stores has raised concerns among employees and customers, who fear that the move will lead to job losses and reduced customer service. However, the company has assured that it will provide support to affected employees and ensure a smooth transition for customers.
The closure of GameStop stores is a significant development in the retail industry, which has been undergoing significant changes in recent years. The rise of e-commerce and changing consumer behavior have forced many retailers to adapt their business models and focus on online sales.
Sources
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