GameStop Provides US Store Operations and Customer Service Update
March 21 2020 - 06:55PM
GameStop
Corp. (NYSE: GME), today provided an
update related to its United States store operations and customer
service related to COVID-19.
Effective Sunday March 22, 2020, for all locations not already
closed in accordance with state and local orders, GameStop will
temporarily stop customer access to storefronts, processing orders
on a digital only basis, moving to curbside pick-up at stores and
eCommerce delivery only. This will allow the Company to continue to
serve customers who have purchased online at GameStop.com and the
GameStop app and have requested a product pick-up at their local
store.
George Sherman, GameStop’s Chief Executive Officer said, “This
is an unprecedented time and each day brings new information about
the COVID-19 pandemic. Our priority has been and continues to
be on the well-being of our employees, customers and business
partners. We have been steadfast in our adherence to CDC-guided
safety and local government orders for retailers in each of our
communities. As millions of Americans look to GameStop to
adjust to their new normal of increased time at home, for work,
learning and play, we have implemented practices to help ensure the
safety and health of our employees, customers and partners.
We believe it is prudent to institute further safety protocols
while meeting this increased demand through curbside pick-up.
As such, stores that remain in operation will provide only pick-up
at the door or delivery to home activities to further protect our
employees and customers.”
The Company will continue to offer its products online at
GameStop.com and on the GameStop app for customers to have their
products shipped directly to their homes.
All U.S. GameStop employees have been ensured that they do not
have to work if they are not comfortable and should stay home if
they feel sick. Additionally, the Company has announced it
will pay all U.S. employees whose hours have been eliminated an
additional two weeks at their regular pay rate based on the average
hours worked in the last 10 weeks. In addition, the Company
will reimburse all benefit eligible U.S. employees, one month of
the employee portion of benefit expenses.
The Company noted that it will provide more detail about its
operations when it reports fourth quarter and fiscal year 2019
results on March 26, 2020.
About GameStopGameStop Corp., a Fortune 500
company headquartered in Grapevine, Texas, is the world’s largest
video game retailer, operates over 5,500 stores across 14
countries, and offers the best selection of new and pre-owned video
gaming consoles, accessories and video game titles, in both
physical and digital formats. GameStop also offers fans a
wide variety of POP! vinyl figures, collectibles, board games and
more. Through GameStop’s unique buy-sell-trade program, gamers can
trade in video game consoles, games, and accessories, as well as
consumer electronics for cash or in-store credit. The
company's consumer product network also includes www.gamestop.com
and Game Informer® magazine, the world's leading print and digital
video game publication.
General information about GameStop
Corp. can be obtained at the Company’s corporate website.
Follow @GameStop and @GameStopCorp on Twitter and
find GameStop on Facebook at www.facebook.com/GameStop.
Safe HarborThis press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based
upon management’s current beliefs, views, estimates and
expectations, including as to the Company’s industry, business
strategy, goals and expectations concerning its market position,
future operations, margins, profitability, capital expenditures,
liquidity and capital resources and other financial and operating
information, including expectations as to future operating profit
improvement. Such statements include without limitation those about
the Company’s expectations for fiscal 2020, future financial and
operating results, projections, expectations and other statements
that are not historical facts. All statements regarding targeted
and expected benefits of our transformation, capital allocation,
profit improvement and cost-savings initiatives, and expected
fiscal 2020 results, are forward-looking statements.
Forward-looking statements are subject to significant risks and
uncertainties and actual developments, business decisions and
results may differ materially from those reflected or described in
the forward-looking statements. The following factors, among
others, could cause actual results to differ materially from those
reflected or described in the forward-looking statements: the
uncertain impact, effects and results of pursuit of operating,
strategic, financial and structural initiatives, including the
Reboot strategic plan; volatility in capital and credit markets,
including changes that reduce availability, and increase costs, of
capital and credit; the impact of the COVID-19 outbreak on capital
markets and our business; our inability to obtain sufficient
quantities of product to meet consumer demand, including due to
supply chain disruptions on account of trade restrictions,
political instability, COVID-19, labor disturbances and product
recalls; the timing of release and consumer demand for new and
pre-owned products; our ability to continue to expand, and
successfully open and operate new stores for our collectibles
business; risks associated with achievement of anticipated
financial and operating results from acquisitions; our ability to
sustain and grow our console digital video game sales; our ability
to establish and profitably maintain the appropriate mix of digital
and physical presence in the markets we serve; our ability to
assess and implement technologies in support of our omnichannel
capabilities; the impact of goodwill and intangible asset
impairments; cost reduction initiatives, including store closing
costs; risks related to changes in, and our continued retention of,
executives and other key personnel and our ability to attract and
retain qualified employees in all areas of the organization;
changes in consumer preferences and economic conditions; increased
operating costs, including wages; disruptions to our information
technology systems including but not limited to security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; risks associated
with international operations; increased competition and changing
technology in the video game industry; changes in domestic or
foreign laws and regulations that reduce consumer demand for, or
increase prices of, our products or otherwise adversely affect our
business; our effective tax rate and the factors affecting our
effective tax rate, including changes in international, federal or
state tax, trade and other laws and regulations; the costs and
outcomes of legal proceedings and tax audits; our use of proceeds
from the sale of our Spring Mobile business; and unexpected changes
in the assumptions underlying our outlook for fiscal 2020.
Additional factors that could cause our results to differ
materially from those reflected or described in the forward-looking
statements can be found in GameStop's Annual Report on Form 10-K
for the fiscal year ended February 2, 2019 filed with the SEC and
available at the SEC's Internet site at http://www.sec.gov or
http://investor.GameStop.com. Forward-looking statements contained
in this press release speak only as of the date of this release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
ContactMedia:Phil Denning, ICR
Inc.(646) 677-1258Phil.Denning@icrinc.com
Investors:GameStop Corp. Investor
Relations(817) 424-2001investorrelations@gamestop.com
GameStop (NYSE:GME)
Historical Stock Chart
From Feb 2024 to Mar 2024
GameStop (NYSE:GME)
Historical Stock Chart
From Mar 2023 to Mar 2024