Over 600 Million
A new fiscal report has revealed that Gamestop lost 673 million dollars in 2018. This isn’t a massive surprise given the general direction the industry is moving in, but that’s still a huge chunk of change. This is apparently the biggest loss Gamestop has ever posted in a single year.
There were losses posted in every many lines of business, though pre-owned sales took the biggest hit. This is only the second time Gamestop has posted a loss since the year 2000. The last one in 2012 was only 270 million. Does this spell doom for the massive retail chain?
It’s unclear at this stage, though companies rarely lose more than half a billion in revenue without some dire consequences. What will happen to our game-buying options if Gamestop goes the way of the dodo? We’ll only have digital sales, BestBuy, Wal-Mart, Amazon, and everyone else to sell us games! Gamestop has announced that they’ll be implementing cost-cutting initiatives for the upcoming fiscal year, though it’s anyone’s guess whether that will be enough to save them.