GME stock is in the green on Monday after GameStop (NYSE:GME) announced its Black Friday deals. The busiest shopping day of the year takes place this Friday, November 29, with GameStop’s deals carrying on over the course of the weekend.
Black Friday Bonanza
GameStop says it will be one of the first retailers to kick off the Black Friday bonanza, with sales starting as early as 3pm on Thanksgiving Day. Customers can expect to see discounts across a range of products, such as consoles, games, and hardware, across the company’s 3,700 locations. With GME stock tanking in recent years as e-commerce takes over the gaming market, analysts believe that positive US macroeconomic conditions will contribute to the first-ever $1 trillion holiday season.
“We invite customers to beat the Black Friday rush by visiting our digital front door or our 3,700 locations nationwide to find the best gaming and collectibles deals,” said Chris Homeister, Chief Merchandising Officer for GameStop. “Whether customers want to buy online and pick up at a store or speak to one of our 30,000 store associates – GameStop is offering convenience and value to make this Black Friday weekend the best shopping experience this holiday season.” GME shares are up 5.5% at the start of the week.
>> ADMP Stock Falls 50%: FDA Rejects Opioid Overdose Treatment Zimhi
GME Stock Still Struggling
Despite today’s gains, GME stock has been in decline throughout 2019 as the company struggles to compete against e-commerce giant Amazon (NASDAQ:AMZN). In September, the troubled gaming retailer announced that it would close 200 stores worldwide in an effort to halt the tide of falling sales. GameStop is the world’s largest video game retailer, with over 5,700 locations across the globe, but is in an industry that is becoming increasingly obsolete as game developers move away from physical copies.
GME shares are currently trading at $5.97, which is down over 60% since the beginning of the year. Despite gains in recent weeks, and with a massive upsurge in sales expected this week, it still looks as though the company will need a serious turnaround effort to prevent further losses in the future.
Featured Image: DepositPhotos © AllaSerebrina
