Around the World, all the non- essential businesses are packed up keeping in mind about the COVID situation. But albeit, many people are staying indoors, there has been an explosion within the sales of Video games. some stores open in defiance of certain state government’s orders, among which, GameStop’s retail locations eventually transitioned to a curbside pick-up the only model to stay its employees and customers safe from coronavirus.
GameStop currently owns around 5,500 stores across 14 countries. Until April 4, it had $772 million in total cash and liquidity. In March 2020, it announced its decision to close 300 stores. As per the latest move, Sherman has announced wage reductions for the senior management team and board of directors. Also, there have been several wage rate reductions for a few other corporate and field support staff. GameStop is additionally offering certain employees the choice to figure under a half-time/half-pay structure or temporary furlough program.
The company as an entire, within the nine-week period ended April 4, 2020, has seen its sales decline approximately 23% year-over-year. Sherman is taking a short-lived base salary reduction of fifty. While CFO Jim Bell and the remaining of the chief leadership team are going to be taking a short-lived 30% cut. The Board of Directors has also reduced cash compensation to directors by 50%. Certain other employees will see a temporary reduction in their salary by 10%-30%.
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GameStop, as previously mentioned, pack up one-third of its stores, with the others adopting the curbside pick-up model. the corporate has now begun the method of opening stores in Italy, Germany, and Austria, while South Carolina and Georgia are preparing to potentially re-open “in the approaching weeks.”Australia, on the opposite hand, has had none of its stores closed and it’s seen “strong results continuing with approximately 24% comparable-store sales for the nine weeks ended April 4, 2020.”