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GameStop: About 180-200 stores will shut down soon

Steve Murphy

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GameStop Stores

The world’s largest gaming retailer GameStop will shut down 180 to 200 underperforming stores by the end of this year. There are over 5,700 stores over the world, out of which Gamestop has decided to close some underperforming stores.

Not only this, as the company will soon close a much larger group of stores.

However, this is not clear about how many stores the company will close. But it is decided that the company is closing the number of Gamestop stores.

This is what GameStop CFO Jim Ryan said on the matter

On Tuesday, GameStop CFO Jim Ryan said: ” we will close 180 to 200 underperforming stores by the end of this year.” This statement of Ryan confirms the news of the closure of some small underperforming stores.

Further, talking about the large stores, he said that the initial wave of closure is opportunistic. However, the “large stores” will shut down after a deeper look at each store and its location.

Ryan confirmed that the company is applying a definitive, analytic approach which includes the profit and sales transferability. He also confirmed that this will yield the tranche of closure over a period of 12 to 24 months.

Few reasons for the closure of GameStop Stores

According to sources, the company decides for closure after a month of bad news like major layoffs. This also includes executive departure, failed corporate sale attempt, a stock price issue and many more.

According to the company’s latest quarterly earnings, losses are more than triple. However, the sale is a bit less that is 14.3% year over year. The stock was also down to 8.5% and the price is down to 70%.

Steve Murphy has handled various businesses throughout his career and has a deep domain knowledge. He founded Report Door in an attempt to bring the latest news to its readers. He is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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Fiat Chrysler to list robot-making business after Peugeot merger

Michael Leahy

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Fiat Chrysler to list robot-making business after Peugeot merger

Fiat Chrysler said it planned to list its robot-making business, giving new details on Monday about the future of Turin-based Comau, which it already planned to spin off.

Comau will be spun off shortly after FCA completes its merger with Peugeot maker PSA and its shares distributed to shareholders of the new group.

The deal to create the world’s fourth-largest carmaker is expected to be finalized in the first quarter of next year.

FCA said that it had appointed Paolo Carmassi as Comau’s new chief executive to pursue the listing.

For the past four years Carmassi ran scientific equipment maker Malvern Panalytical, a unit of Britain’s Spectris, and previously worked for more than 20 years at Honeywell, it said.

It also appointed Alessandro Nasi, a board member of Exor, the holding company of Italy’s Agnelli family which controls FCA, as Comau’s new chairman.

Exor is set to become the largest single shareholder of the combined group after FCA’s merger with PSA, and Comau’s top shareholder after its listing.

“The appointments … are a significant step forward for Comau as it prepares for life as a public company,” FCA Chief Executive Mike Manley said in a statement.

Fiat Chrysler shares were up 3.9 percent, at $9.18, in mid-afternoon trading.

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Pfizer shares tumble after setback with breast cancer treatment

Michael Leahy

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Pfizer shares tumble after setback with breast cancer treatment

Shares of Pfizer fell nearly 7 percent on Monday after an independent data monitoring committee determined the drugmaker’s breast cancer treatment was unlikely to meet the main goal of a late-stage study.

The treatment, Ibrance, was being tested along with the standard of care for early breast cancer in men and women, against standard of care alone, the company said on Friday.

The study was broadly seen to have a high probability of success readout, but the early failure represents a meaningful setback for Pfizer, JP Morgan analysts said in a note, cutting its price target on the stock by $1, to $37.

At least three other brokerages cut their price targets on the stock.

Ibrance, approved by the US Food and Drug Administration in 2015 for metastatic breast cancer, brought in sales of $4.96 billion in 2019.

Shares of Pfizer were trading down $2.58, to $35.60 in mid-afternoon trading.

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Supreme Court halts bid to block Madoff trustee lawsuits

Michael Leahy

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Supreme Court halts bid to block Madoff trustee lawsuits

The US Supreme Court on Monday refused to hear a bid by major banks and companies including Koch Industries to prevent a trustee chasing money for victims of imprisoned Ponzi scheme swindler Bernard Madoff from recouping funds that were transferred overseas.

The justices left in place a lower court’s ruling that revived dozens of lawsuits filed by Irving Picard, the trustee liquidating Madoff’s firm, aimed at recovering the foreign transfers. The defendants in the litigation had said the ruling improperly extended the reach of US bankruptcy law beyond the country’s borders.

The Manhattan-based the 2nd US Circuit Court of Appeals had overturned a bankruptcy judge’s decision to dismiss the lawsuits. President Donald Trump’s administration agreed with the 2nd Circuit ruling.

The dispute is part of Picard’s 11-year search for tainted money stemming from the largest Ponzi scheme in history, which Madoff orchestrated through his New York firm, Bernard L. Madoff Investment Securities LLC. The trustee has estimated that Madoff’s customers lost $17.5 billion in the fraud.

Madoff, 82, was arrested in 2008 and pleaded guilty in 2009. He is serving a 150-year sentence in North Carolina. Madoff, whose lawyer has said is dying of kidney failure, has sought “compassionate release,” saying he had fewer than 18 months to live.

The case centers on 88 lawsuits filed against Koch, controlled by the billionaire Charles Koch, HSBC Holdings Plc, UBS and other entities accused of receiving Madoff-linked money indirectly through offshore feeder funds that had directly invested with Madoff.

Picard contends about $3 billion was fraudulently transferred outside the US, taking into account his settlement with the British Virgin Islands-based Kingate feeder funds.

The trustee sued Koch, a privately held industrial conglomerate based in Kansas, in 2012 to recoup $21.5 million Madoff was accused of sending to another British Virgin Islands-based feeder fund and then to a Koch entity in Britain. Koch was not accused of wrongdoing.

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