GameStop cuts jobs to reduce costs amid sales decline

GameStop’s recent cost-reduction measures also included an exit from its European operations in Ireland, Switzerland and Austria. — Reuters

NEW YORK: Videogame retailer GameStop says it has cut an unspecified number of jobs to reduce costs and reported lower fourth quarter revenue amid rising competition from eCommerce firms and weak consumer spending in an uncertain economy.

Shares of the Grapevine, Texas-based company tumbled 16% in extended trade.