GameStop to close more stores, invest in Bitcoin

Kelsey Barberio brings you the biggest news of the day, including GameStop’s new plan to prop up the company.

Transcript

00:00After closing more than 1,000 locations across the globe in the last year alone,

00:04GameStop announced more store closures. GameStop did not reveal how many more

00:08stores it would close, but said it would be a quote significant number. In

00:12addition, the company said as more stores close, it will invest more in

00:15cryptocurrencies. GameStop revealed it's attempting to raise 1.3 billion dollars

00:20in order to buy Bitcoin. At its peak, GameStop operated about 6,000 locations

00:25worldwide. However, that number has been reduced to less than half that, with

00:28nearly 600 stores being closed in the U.S. alone. GameStop's most recent

00:33earnings report revealed a 28% drop in year-over-year sales. The company

00:37reported revenue of 1.28 billion dollars, missing Wall Street's estimate by about

00:42200 million. That'll do it for your daily briefing. From New York City, I'm

00:45Kelsey Barbario with The Street.