GameStop Exiting Spanish Market15 Sep, 2014 By: Erik Gruenwedel
Retail chain to sell and shutter 70 store locations throughout the country
GameStop Sept. 15 announced it is selling the majority of its branded stores (about 70) in Spain to Game Digital, while shuttering remaining locations this year. GameStop said it intends to focus international efforts in other markets. Fiscal terms of the deal were not disclosed.
Grapevine, Tex.-based GameStop is the world’s largest video game retailer, operating more than 6,600 stores in 15 countries. Game Digital has a growing retail presence in the Spanish market, with plans to enter the United Kingdom as well.
GameStop saw earnings jump 124% to $24.6 million on revenue of $1.7 billion during the most recent fiscal period. The retailer recently introduced a branded credit card.
“We are focused on ensuring commitments to our customers, employees, vendors and other stakeholders are met during this process,” Mike Mauler, EVP of GameStop International, said in a statement. “As it stands today, we believe other international markets better match our operating criteria and as such have decided to redeploy our resources in other areas with the greatest potential for return.”