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GameStop to close 2% of stores
Video game retailer GameStop plans to close about 2 percent of its stores this year.
The announcement came Thursday as the company reported weaker-than-expected earnings for the fourth quarter and full year, which ended Feb. 1, despite the debut of Microsoft’s Xbox One and Sony’s PlayStation 4.
GameStop had fourth-quarter earnings of $220.5 million compared with $261.1 million a year earlier. Sales increased 3.4 percent to $3.68 billion in the fourth quarter, and same-store sales were up 7.8 percent.
GameStop, which did not identify any stores to be closed, has more than 100 outlets in the Chicago area.
“We’ve got through a very tough transitional quarter,” chief executive Paul Raines said in an interview with Reuters. “But we’re very bullish on the (new) consoles.”