Thursday is National Video Games Day when enthusiasts look forward to a 24-hour marathon of sitting back in a chair and sidling up to their favorite gaming console, but some players might not be so thrilled with the latest development.
It's not game over for GameStop, but the video game retailer will close up to 200 stores globally by the end of the year and more over the next 24 months to help right-size the company following disappointing earnings in the second quarter.
The Texas-based company operates dozens of stores in South Carolina and nine in the Charleston region, according to its website. It has not said which stores will close or how many of the closings are in the U.S.
The merchant said the sheddings are needed to help it remain profitable and that more store darkenings will help to improve the company's bottom line.
"While these closures were more opportunistic, we are applying a more definitive, analytic approach, including profit levels and sales transferability, that we expect will yield a much larger tranche of closures over the coming 12 to 24 months," said James Bell, the company's chief financial officer, in an earnings call Tuesday, according to published reports.
The firm's second-quarter sales slumped 14.3 percent globally for a net loss of about $32 million.
GameStop has about 5,800 stores in 14 countries.
The company's move follows the recent announcement of other national retailers shutting their doors for good, including discount retailer Fred's, Payless ShoeSource, Dressbarn, Charming Charlie, Avenue and Charlotte Russe.
Nearly 8,000 closures have already been announced this year, about 40 percent more than all of last year, according to global marketing research firm Coresight Research.