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GameStop is planning to reopen stores in select areas, execs taking pay-cuts

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Undaunted by the ongoing COVID-19 pandemic worldwide, GameStop is going to attempt to reopen some of its stores that were forced to close due to the illness. Amidst this, GameStop's senior-level management and executives will be facing salary reductions to compensate for the ongoing issues.

  • A temporary base salary reduction of 50% for George Sherman, Chief Executive Officer, 30% for Jim Bell, Chief Financial Officer and the remainder of the executive leadership team.
  • The Board of Directors has temporarily reduced cash compensation to directors by 50%.
  • Other actions include:
    • Beginning April 26th, certain other employees across the Company’s worldwide operating units will receive temporarily reduced pay of between 10% and 30%.
    • Offered certain of the Company’s corporate support staff the option to either a temporary furlough or reduced workweek / reduced pay program.
    • Reduced inventory receipts to match demand with a focus on key hardware, software and accessories products.
    • Lowered capital spending to focus on mandatory maintenance or near-term high value strategic projects.
    • Due to the impact of governmental regulations and certain landlord decisions to close properties, the Company did not make a portion of certain lease payments and remains in discussions with its landlords regarding ongoing rent payments, including potential abatement, deferral and or restructuring of future rents during this period of COVID-19 related closure.
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Most locations across the United States will remain closed, with a third of them being entirely closed, and the rest open but operating only through curbside pickup. That will change in the coming days, however, with GameStop stores in South Carolina and Georgia planning to re-open and continue business as usual. Stores across Germany, Italy, and Austria will also re-open soon, while no locations in Australia were closed due to COVID-19 and will also continue as normal.

Store Operations
The Company announced today the following updates to its global store operations:

  • Approximately one-third of U.S. stores locations remain closed, with two-thirds of stores closed to customers but available for curbside pick-up.
  • The Company has begun the process of re-opening stores in Italy, Germany, Austria and the states of South Carolina and Georgia and is preparing for the potential to re-open in other operating countries and states in the coming weeks.
  • All stores in Australia remain open for business with strong results continuing with approximately 24% comparable store sales for the nine weeks ended April 4, 2020.
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:arrow: Source
 
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x65943

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maorninja said:
Why would they do something that purposely angers people? It's highly annoying that they continue to put profit over people. The employee's themselves don't even want to work at this money hungry place, so what's the point?

Source: Cameloft's video
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Well a lot of businesses are reopening - it's not only GameStop

At some point the economy has to reopen

They are only doing this in select areas that don't have a high rate of covid infection
 
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x65943 said:
Well a lot of businesses are reopening - it's not only GameStop

At some point the economy has to reopen

They are only doing this in select areas that don't have a high rate of covid infection
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And will most likely end up with higher rates as a result. The economy is actually going to suffer more in the long run if businesses keep prematurely opening. The simple reality is that we shouldn’t be looking to reopen the economy and should be looking into going about subsidizing the loses.
 
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Essasetic

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Thanks GameStop for attempting to undo the progress the USA has done for the past few weeks.

Not even Reggie can save a company so blind in squeezing every penny they can by risking employee's health and safety.

Also, the only reason the executives are taking paycuts is because the company would've gone under otherwise.

Fuck GameStop and their shit ideologies!
 
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some of the GameStops here in my town reopened again - but many others reopened too so what's the deal here?

we have many new rules containing stuff like how many customers can be in your store at once and so on so it's not like they reopened like it is no global pandemic

sure, I also think that the stores in the US need to remain closed due to the fact that the situation there is much worse than here but besides that, I can't understand why everyone is flaming them just because they want to survive economically
 
depaul

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Well everyone had salary cut in most companies... like 10% to 50% for highly paid employees. Can't blame them with the actual situation since they're basically being paid just to stay at home until this nightmare is over
 
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I'll make sure to slap a Pool's Closed due to aids at my Gamestop. :)
One good thing of Corona how much it's killing Gamestop <3
 
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Too little too late! they should have done this like 2yrs ago. gamestop is blockbuster, nothing ... NOTHING they do will save it because at LEAST 80% of every dollar earned came from physical used game sales, physical games that no longer are being purchased, as digital game sales in the u.s. are by now, around 88% or higher. Especially this year.

the chart below has data for year ending 2018 so following the trend , 2019's number should have been around
87% to 90% digital sales.

https://www.statista.com/statistics/190225/digital-and-physical-game-sales-in-the-us-since-2009/


at that is why they are going to die, their source of income is non existent. They will permanently shut their doors in 2yrs or less.
 
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Lilith Valentine said:
And will most likely end up with higher rates as a result. The economy is actually going to suffer more in the long run if businesses keep prematurely opening. The simple reality is that we shouldn’t be looking to reopen the economy and should be looking into going about subsidizing the loses.
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Subsidize the economy with what money? Its all going to run out soon. Peolple are hardly working so not as much incoming tax money. Oil prices dropped so low because they got no one to sell it to and don't know what to do with the excess oil thats stacking up. Even though oil is one thing it creates a ripple effect through the economy. The cars that drive them. The items that get delivered by the cars. Factories not producing enough of the everyday items you buy, so prices will skyrocket for things that use to be cheap from low supply and high demand.
 
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SG854 said:
Subsidize the economy with what money? Its all going to run out soon. Peolple are hardly working so not as much incoming tax money. Oil prices dropped so low because they got no one to sell it to and don't know what to do with the excess oil thats stacking up. Even though oil is one thing it creates a ripple effect through the economy. The cars that drive them. The items that get delivered by the cars. Factories not producing enough of the everyday items you buy, so prices will skyrocket for things that use to be cheap from low supply and high demand.
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Actually taxing the rich and corporations would be a good start to keep the economy going, reduce military spending, cut taxes for the below the 1%, freeze or assist with rent/mortgages, and other programs that can be created using tax money and excess money by reducing government spending. Reopening non-essential stores like GameStop there is no vaccine or proper treatment is just going to make more problems in the long run. The economy isn't worth more than human lives and it's not worth spreading a virus so rich people can keep getting money.
 
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