GameStop Loses $165 Million After Temporarily Closing More Than 3,000 Stores Due To COVID-19

Video game retailer GameStop has announced earnings for its first quarter ended May 2, and as expected, it was a tough period for the company. In total GameStop posted a loss of $165.7 million.

For comparison, during the same quarter last year, GameStop posted a profit of $6.8 million.

The poor results are due in part to the COVID-19 crisis. GameStop shut down all of its 3,526 stores in the United States; about 65 percent of these stores offered curbside pickup for orders. Internationally, Australia's GameStop-owned EB Games was a bright spot--stores never closed, and sales rose 35 percent.

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