GRAPEVINE, TX (KXRM) — GameStop has announced it is shutting down 2 to 3 percent of its stores – around 150 – this year due to declining sales in games and hardware.
According to CNN, stock has fallen more than 31 percent over the past year and overall sales fell 13.6 percent last quarter compared to a year before.
GameStop CEO Paul Raines said in a statement Thursday:
“… The video game category was weak, particularly in the back half of 2016, as the console cycle ages. Looking at 2017, Technology Brands and Collectibles are expected to generate another year of strong growth, and new hardware innovation in the video game category looks promising.”
Raines pointed to digital sales as a reason for why video game and console sales have slowed for the Texas-based company, which currently operates over 6,000 stores globally.
It is not known at this time which stores will close or when the closures will happen.