GameStop Starting to Re-open Stores Closed by Coronavirus Pandemic

GameStop has announced that it will start re-opening stores that have been closed as a result of [...]

By Tyler Fischer

GameStop has announced that it will start re-opening stores that have been closed as a result of the coronavirus pandemic, which has closed non-essential retail across the country. However, for now, the number of stores that will be re-opened will be limited. More specifically, today the company shared that it's now starting the process of re-opening locations in South Carolina, Georgia, Italy, Germany, and Austria. This may be followed with re-openings in additional countries and states in the coming weeks.

"The company has begun the process of re-opening stores in Italy, Germany, Austria and the states of South Carolina and Georgia and is preparing for the potential to re-open in other operating countries and states in the coming weeks," said GameStop.

Since late March, GameStop stores across the United States have either been shuttered entirely or been operating via curbside pickup and online business.

According to GameStop, the retailer has met 90% of the sales volume it expected from locations where it implemented curbside pick up. In other words, the losses at these stores were minimal compared to what they could have been. However, this didn't stop the company from posting a store sales loss year-over-year of 23%. Before the Pandemic disrupted commerce, store sales were actually up.

Alongside all of this, the retailer also revealed that CEO George Sherman and the board of directors will be taking temporary paycuts of 50%, while additional executive leadership will take a 30% dip. Beyond the helm of the company, there will be cuts for unspecific employees that range between 10 and 30%.

Like most retailers, the past couple of months have been very challenging for GameStop, who also took a bath on the PR front for being slow to react to the situation. However, it seems none of this impacted actual business.

For more coverage on GameStop -- including recent news, rumors, and leaks -- be sure to take a moment and check out all of our past and all of our most recent articles pertaining to the retailer by clicking right here. Meanwhile, as always don't forget to leave your thoughts and hot takes in the comment section or, alternatively, in my Twitter notifications @Tyler_Fischer_. Do you think GameStop will survive this pandemic?

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