GameStop has has announced plans to help deal with the impact of its business caused by the COVID-19 epidemic. These include cuts paid by senior executives, staff carriages, and the opening of other stores.
George Sherman, CEO of GameStop, will be taking a 50% pay cut, and Jim Bell, a chief financial officer, and the remaining senior management team will take a 30% reduction. Directors will receive a cash compensation of less than 50% on the board of directors. In addition, some members of the co-workers and functional centers will receive paid cuts and cleaning machines.
GameStop has announced plans to reopen “next week” retail locations in the U.S. and two U.S. provinces. As GameStop fails to pay “a portion of certain lease payments” due to “state laws and specific landlord decisions to close down properties”, the company is in the process of negotiating how to deduct or exempt these payments in the coming months.
The company said it had "begun the process of reopening stores in Italy, Germany, Austria as well as South Carolina and Georgia and is preparing for a statewide and international opening in the coming weeks." About one-third of GameStop locations are closed in the U.S.
In February, Polygon reported that shocking executives at GameSpot were putting too much pressure on employees to reach unrealistic sales goals. As part of the response to COVID-19, the PageSpot announcement indicates that the company plans to carry less concessions and "symbolize the increased demand for key hardware, software and accessories products."