GameStop looks to be shutting down stores in Ireland. Due to this, the company announced via its website that a number of services in their Ireland-based stores are no longer available as of March 22, 2023. In the wake of this news, the website announcement encouraged customers to use their existing gift cards and store credit as soon as possible in-store or on the official website.
The services that will no longer be offered or sold are as follows:
- Game Protection
- GameStop Pro Loyalty Memberships
- Gift cards
- Pre-orders(Existing pre-orders will result in a refund for the amount of the deposit.)
- Store credit will still be offered for some items.
This news comes as GameStop's stock price rose 35% on March 22, 2023, as noted by Markets Insider. The increase in stock price comes as the company posted a profit in the fourth quarter of 2022, the first such rise in profit in two years. In order to keep up this profitable operation, CEO Matt Furlong said the company would be cutting costs. As noted in the call notes on Seeking Alpha, part of this would include "exiting" operations in other European countries like Ireland. He also mentioned the company would focus on products like toys and collectibles going forward.
GameStop as a stock was subject to being bought in mass by Reddit's Wall Street Bets in 2021. This resulted in shares of the game store rising to levels of value it has since shed.
GameStop in America will remain open and operational.
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