GameStop to close 200 stores

New York -- GameStop plans to close 200 stores by next year, Bloomberg reported.

The closings were announced on a conference call, shortly after the chain reported better-than expected third-quarter results, excluding an impairment charge.

For the third quarter ended Oct. 27, GameStop posted a net loss of $624.3 million after impairment and goodwill costs of $678.8 million, mostly tied to international operations. That’s compared with net income of $53.9 million a year earlier.

Sales fell 8.9% to $1.77 billion.

GameStop also said it added $500 million to its stock repurchase authorization. The company has $242 million remaining on its previous stock buyback program.

 

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