Long-running magazine Game Informer Australia has been shut down following cuts made by its owner EB Games, Game Informer Australia editor David Milner announced over Twitter.
This follows a months-long attempt by global parent company GameStop to find a buyer. “Their share price suffered,” Milner writes. “This is a result.”
The American version of Game Informer will now be sold in Australian EB Games stores instead, in light of the closure of the local publication.
Game Informer Australia published 113 issues since its launch in 2009. The magazine sold through EB Games stores across Australia and, in spite of the closure, “still sold well” over the past year. “[R]eadership was up 19% over the last year,” adds Milner. “Recent ad sales, however, did not really reflect this.”
EB Games’ parent company Gamestop recently announced its lowest drop in stock value since 2004. In its fourth-quarter report, GameStop reported that new hardware sales decreased 9.8%, new software sales decreased 7.8%, pre-owned sales declined 21.3%, but that accessories, digital sales, and collectible sales all increased. The company saw a fourth-quarter net income loss of $187.7 million in the quarter. Total global sales for the 2018 fiscal year decreased by 3.1% to $8.3 billion.
For the new fiscal year, the company said it is “embarking on a cost savings and profit improvement initiative designed to strengthen the organization for the future and support long-term improved financial performance and profitability.”
Source: Read Full Article