Frantically dropping new hardware and software sales are to blame, as GameStop is set to close between 2% and 3% of their stores according to USA Today. New hardware sales have dropped 29%, while new software sales have dropped about 20%.
GameStop shares dropped more than 10% earlier today after Gamestop suffered a drop in fourth quarter sales. There is a silver lining however, as the retailer is set to open 65 Technology brand stores, as well as 35 collectible stores. Gamestop has seen significant sales increases in the Technology and Collectible sectors thanks to its in-store cellphone service provider, Think Geek clothing, and collectibles such as Pokemon.
Source: USA Today