WRITTEN BY: Ricardo Burks III
While it is no secret that the Gamestop brand has been in hot water lately, the most recent news is a blow to core fans of the franchise. Due to the lackluster sales and projections, Gamestop sought a buyer back in June of 2018 and has now given up that search. No one wants to inherit the debt the company has raked up. After that bombshell dropped, Gamestop stocks further decreased by 27%. It’s still possible for the brand to turnaround but they need to act fast and come up with a set plan.
Gamestop has been criticized harshly against its trade in policy, Circle of Life, where employees are forcefully encouraged to rake in more used games sales. The downshift in public opinion did not help its looming crisis, the digital age.
With more and more video game streaming services, like Playstation Now, Xbox GamePass and EA access among others, Gamestop is struggling to hold its ground when its customer base can simply play a new game at release from the comfort of their own home rather than wait in line on a cold day for a midnight release.
The company is still looking for a new longtime CEO after Michael K. Mauler left the company back in March of 2018. He was only on board for three months.