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.
The specialty retailer was hit hard by declining software and hardware sales, prompting it to suspend dividends.
Collectibles, esports, and building community may be the future for the company.
The company will need to revise its business model if it wants to keep itself out of receivership and bankruptcy.
The retailer has been fairly troubled in recent years, with stock prices cascading over a cliff and executives resigning — but it has given up on any chance of a sale.
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