Game Over for GameStop: Irish Stores Begin Closing Down Sales

GameStop Begins Closing Sales in Ireland, Including Cork, Following Service Cease Announcement

GameStop, the popular video game retailer, has recently announced that it will be closing down a number of its stores in Ireland, including its branches in Cork, Kerry and Waterford. This decision comes after the company’s announcement earlier in March, stating that it will be ceasing a number of services across its Irish stores. These services include the ability to buy gift cards, trade or purchase used devices, and pre-order store products. Additionally, the store’s Pro Loyalty membership will no longer be issued, and GameStop has urged customers to use existing gift cards as soon as possible.

GameStop currently operates 35 stores across Ireland, with eight in Dublin, six in Cork, and three in Limerick. However, the company has continually decreased the size of its Irish operations over the past decade, having operated over 50 stores in 2010. The Irish Examiner has reached out to GameStop to confirm how many Irish stores will be closing down and when they would be officially exiting the Irish market.

In its 2022 annual report, GameStop’s Irish arm warned that the current financial year had “challenges” and “raised questions regarding going concern.” The company reported an after-tax loss of over €6m in 2022, with net liabilities of over €40m. The report also noted that GameStop would “consider closing any stores that are not performing to expectations or where the cost base, particularly occupancy costs, are out of line with the business levels in the location.”

Meanwhile, GameStop’s US arm reported its first profitable quarter in two years yesterday, sending the stock price, which skyrocketed in 2021, up 40%. Chief Executive Matt Furlong spoke on the results of its US arm and stated, “GameStop is a much healthier business today than it was in the start of 2021. We have a path to full-year profitability.”

The closure of GameStop stores in Ireland will undoubtedly have an impact on the country’s gaming community. However, it is important to note that the company’s decision to close stores is likely due to financial difficulties and a need to restructure its operations. GameStop has been facing increased competition from online retailers and digital downloads, which has affected its profitability in recent years.

It remains to be seen how many Irish stores will be closing down and when they will officially exit the Irish market. However, GameStop has urged customers to use existing gift cards as soon as possible, indicating that the closures may happen sooner rather than later. The company’s decision to close stores in Ireland is a reminder of the challenges facing brick-and-mortar retailers in an increasingly digital world.

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