Grapevine-based GameStop may be running out of lives as more
gamers forgo its stores and buy their games and
The video game retailer’s stock
fell to a 14-year low on Wednesday after its fiscal
fourth-quarter revenue fell short of
Wall Street forecasts and it made a
vague and disappointing forecast.
It would not give a profit forecast
for 2019, but said it expects up to a
10% drop in sales for the year.
The company has suffered as consumers shift their
purchases online, a particular threat for GameStop as
gamers can often download games from home.
GameStop shares lost nearly a third
of their value in January, after the
company said it had failed to find a
buyer. It recently named retail industry
veteran George Sherman as its CEO;
Sherman takes over April 15.
GameStop shares fell 4.7%
Wednesday to $9.63.