GameStop Shuts Down Long-Running Industry Magazine
GameStop, which has had a rough week, faced more challenges on Friday as the broader stock market suffered from poor economic news. On the same day, the video game retailer discontinued a well-known industry publication. Here are the details:
Game Informer Closes Its Doors After 33 Years
If you are a fan of the video game industry, you may have heard of Game Informer. This long-running magazine, which has been around for 33 years, abruptly closed its doors on Friday. The closure affected both the print and online versions of the publication, leading to the layoff of all staff members, including writers and editors.
- Game Informer had a unique relationship with GameStop, offering the magazine as part of a membership plan that included store discounts
- The closure left the website inaccessible, with only a placeholder displayed
Game Informer’s Official Statement
In a statement posted on the magazine’s Twitter account, the team expressed gratitude to their loyal readers over the years. While the presses may stop, the love for gaming that they have fostered will continue to thrive despite the closure.
GameStop’s Struggles in a Changing Industry
GameStop’s decision to shut down Game Informer is part of its efforts to adapt to the evolving video game industry. As the industry moves towards digital software and diverse gaming devices, GameStop has faced challenges:
- The company has experienced six consecutive years of operating income losses
- GameStop ventured into smartphone trade-ins and previously operated an NFT business
Stock Market Performance and Recent Trends
GameStop’s stock prices have seen fluctuations in recent years, influenced by various factors such as investor enthusiasm and market trends:
- The stock experienced significant gains during the “meme stock” craze in 2021
- In May and June, online personality Keith Gill contributed to a surge in stock prices
- However, the stock has struggled to maintain these gains in recent weeks
Current Stock Performance
As of now, GameStop’s stock price has dropped by 13% in the past week, closing at just over $21.00 on Monday. This decline was exacerbated by a 3% daily decrease on Friday, reflecting broader market challenges linked to a negative U.S. jobs report.
Hot Take: GameStop’s Ongoing Challenges
GameStop’s decision to close Game Informer signals the company’s response to industry shifts and economic conditions. As the retailer navigates changing market dynamics, its stock performance remains under scrutiny amid evolving customer preferences and digital trends.
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