PSA: Spend your leftover Gamestop credit ASAP

What is your source aside from the stock market shitting the bed. Why wouldnt the credit be valid the day they announce? I'm sure they would give a date when it's no longer valid
 
They’re literally forcing employees to keep stores open I can’t believe they’ll have any issues short term
 
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They're telling their employees that they can't close because if they do, they might not re-open, and they're *going* to close temporarily. Their claiming to be essential is bullshit. It isn't going to last.

 
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cleaver said:
They’re literally forcing employees to keep stores open I can’t believe they’ll have any issues short term
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I'd also be worried depending on how much credit you have left there.

If you look at travel agencies going bankrupt they’re not even honoring reservations before they officially declare bankruptcy. Customers are having to foot the bill twice! Once company goes under they stop caring what so ever. Especially given how cut throat GameStop management has proven to be.

 
Even if GameStop stores close down amid the COVID-19 response, even if they do not recover financially afterwards, the company won't just vanish overnight. Look at what happened with Toys R Us. it was announced the company was going under and the stores began liquidating at increasing discounts.

Don't rush out and spend all of your credit now. Assuming GameStop is going out of business, wait until they start discounting everything.

 
The second they start going out of business, they aren't going to sell digital content anymore. It's just going to be old used hardware and games, most of which will vanish quickly. If you have a lot of money in GS credit, you're best off converting it to digital currency now while you still can.

 
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wackfiend said:
Even if GameStop stores close down amid the COVID-19 response, even if they do not recover financially afterwards, the company won't just vanish overnight. Look at what happened with Toys R Us. it was announced the company was going under and the stores began liquidating at increasing discounts.

Don't rush out and spend all of your credit now. Assuming GameStop is going out of business, wait until they start discounting everything.
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And when Toys R Us was going out of business, there wasn't much left to buy at the end. I wouldn't trust there will be much left with everyone in a rush to spend what credit they have left.

 
wackfiend said:
Even if GameStop stores close down amid the COVID-19 response, even if they do not recover financially afterwards, the company won't just vanish overnight. Look at what happened with Toys R Us. it was announced the company was going under and the stores began liquidating at increasing discounts.

Don't rush out and spend all of your credit now. Assuming GameStop is going out of business, wait until they start discounting everything.
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I highly doubt gamestop will do what toysrus did. Their stores will already be closed, they're not going to reopen just to get rid of their inventory. They will just liquidate it to some other company. Your credit will be worthless.

 
They're already a joke. I have points I can't redeem and I've been talking to their support people for almost 4 months about it now. Literally they screwed up my december join bonus -- it took me a month to get them to give me points to make up for it, and now I can't use them. It just errors every time. :)

p.s. if anyone has any suggestions on getting reward redemptions to work, I have tried literally everything.

 
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Das_Regal said:
The second they start going out of business, they aren't going to sell digital content anymore. It's just going to be old used hardware and games, most of which will vanish quickly. If you have a lot of money in GS credit, you're best off converting it to digital currency now while you still can.
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I feel bad for the employees working there because its damned if they do or don't. Its like sure, its good idea to shut down the stores due to virus, but man they are going to be f***ED because you bet your ass the people working at Gamestop are living paycheck to paycheck and now gonna be missing money.

We're going to see a lot of unemployment and homelessness in the next following months...
 
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Sugarbeats said:
I feel bad for the employees working there because its damned if they do or don't. Its like sure, its good idea to shut down the stores due to virus, but man they are going to be f***ED because you bet your ass the people working at Gamestop are living paycheck to paycheck and now gonna be missing money.

We're going to see a lot of unemployment and homelessness in the next following months...
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It's true... Best you can do as a gamestop employee that's supporting themselves and needs the money? Keep going until the stores are forced to close. That way when congress gives out some supplemental income you won't be marked as having quit your job. You probably don't have health insurance, so good luck taking care of yourself when you get sick...

 
ToysRUs honored giftcards for 6 months after filing for bankruptcy. Why do people think GameStop will just close up and their inventory and fixtures will magically disappear? It's 2020, why are we this stupid?

Das_Regal said:
They're telling their employees that they can't close because if they do, they might not re-open, and they're *going* to close temporarily. Their claiming to be essential is bullshit. It isn't going to last.
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They're saying that to explain why they're staying open, when it's really just to make a shitload of money from schools being out and AC/Doom. There is no way that closing for 2 weeks while not paying employees is going to put them out of business. They would've been doing worse without the coronavirus.

 
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Das_Regal said:
They're already a joke. I have points I can't redeem and I've been talking to their support people for almost 4 months about it now. Literally they screwed up my december join bonus -- it took me a month to get them to give me points to make up for it, and now I can't use them. It just errors every time. :)

p.s. if anyone has any suggestions on getting reward redemptions to work, I have tried literally everything.
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I had the same problems using desktop then I tried it on my phone and it finally worked. I don't remember if it was the mobile site or the app though and I redeemed all my points so I can't test it again.

 
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TimPV3 said:
Every other non-essential retailer is going through the same situation, but spending money paying employees. I do agree it'll be more than 2 weeks, though.
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1) Operating costs don't go to zero even when you close your physical stores. You have to keep paying rent and other obligations, such as interest on debt.

2) Gamestop has a 1.9 debt to equity ratio, meaning they owe about double what they're worth. The stock market crash was the needle that broke the camel's back. This is pretty much the inflection point of a doomed company.

3) They were basically counting on a next-gen launch to save them, which will probably be delayed or at the very least significantly disrupted.

They were already on thin ice, this is probably the death knell and they don't really have a justification to beg for a bailout considering they were fucked before this.

 
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I have a bunch of power up points I probably should have redeemed. I miss the days I could redeem points for $10 eShop codes. I only have about $50 left in GameStop credit as I've been slowly moving my credit to Amazon by buying games and trading them to Amazon for more or equal movers, glad I've converted most of my credit, might just buy an eShop code and fully cash out.
 
Das_Regal said:
1) Operating costs don't go to zero even when you close your physical stores. You have to keep paying rent and other obligations, such as interest on debt.

2) Gamestop has a 1.9 debt to equity ratio, meaning they owe about double what they're worth. The stock market crash was the needle that broke the camel's back. This is pretty much the inflection point of a doomed company.
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1. Literally every business is dealing with this, the government will step in

2. Their stock has been shit for a while, and it is higher right now than it was a month ago

If anyone paid attention to Circuit City or ToysRUs, they stopped getting games and consoles months before they declared bankruptcy, because distributors were worried that they couldn't pay for the shipments. That's also why K-Mart stopped carrying games in 2015. GameStop has new consoles in stock right now, and all the big releases.

 
Not saying I believe one side of this or the other, but could they really close fast or never re-open when many people have pre-orders that they have $50 down on them or even paid off in full? Not to mention gift cards trade credit etc.

 
knothead65 said:
Not saying I believe one side of this or the other, but could they really close fast or never re-open when many people have pre-orders that they have $50 down on them or even paid off in full? Not to mention gift cards trade credit etc.
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No, that won't happen. They have to at minimum, allow the pre-orders to be cancelled and refunded. You also have to be able to have enough notice of a complete closure, so that you can use any store credit you have.

 
I just finished mine out yesterday on some bliz credit and psn cards, but the funny thing is they are one of the few stores that can stay open so people were actually shopping in store because they are labeled essential!

 
TimPV3 said:
ToysRUs honored giftcards for 6 months after filing for bankruptcy. Why do people think GameStop will just close up and their inventory and fixtures will magically disappear? It's 2020, why are we this stupid?

They're saying that to explain why they're staying open, when it's really just to make a shitload of money from schools being out and AC/Doom. There is no way that closing for 2 weeks while not paying employees is going to put them out of business. They would've been doing worse without the coronavirus.
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Toysrus wasn’t closed when it went bankrupt. When GameStop goes bankrupt they will already be closed for months and employees gone. Who are they going to hire to sell the rest of their inventory?

It would be a horrible business decision to pay rent for 6 months, hire all new employees just to sell out the inventory on clearance. You wouldn’t even make your money back. Most likely the stores will be shut down for non payment of rent before the virus is over.

Comparing toysrus and GameStop is comparing apples to oranges.
 
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knothead65 said:
Not saying I believe one side of this or the other, but could they really close fast or never re-open when many people have pre-orders that they have $50 down on them or even paid off in full? Not to mention gift cards trade credit etc.
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Of course they can. I know a restaurant that sold gift cards the day before they shutdown when they knew they were shutting down. What are you going to do sue them? The best you can do is a chargeback if you paid by credit card.
 
aircobra said:
No, that won't happen. They have to at minimum, allow the pre-orders to be cancelled and refunded. You also have to be able to have enough notice of a complete closure, so that you can use any store credit you have.
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If you paid cash for a pre order, they have to refund you. But store credit may fall under the category of gift cards, which are considered an unsecured loan in a retailer bankruptcy and they do not have to allow you to use them.

 
I disagree that Corona will kill GS.... what will a bunch of out-of-work people quarantined to their couch want to do?

The question is how GS will execute to get those gaming dollars, and if they can actually get their website/app to work correctly 100% of the time. Removing their "Free edge shipping" is the decision that doesn't make any sense to me if they want to compete in this environment. 

 
Something I'm not clear on : in a forced-closure state, are online-only businesses allowed to stay open? There's no direct contact with the public. Does every Amazon and Ebay 3rd party seller need to shut down? Does anyone know the answer to this (and not just speculation)?

If the answer is yes, Gamestop will continue to get income from their online sales. In fact, they could consolidate much of their inventory into larger stores and run those as warehouses for online orders as well. This would involve paying/keeping much less staff, but also allowing for a larger revenue stream (more stores with their inventory available for online purchase means more sales).

Obviously this couldn't last indefinitely without a replenishment of used inventory, but it would certainly help during the lockdowns.

 
Davem said:
I disagree that Corona will kill GS.... what will a bunch of out-of-work people quarantined to their couch want to do?

The question is how GS will execute to get those gaming dollars, and if they can actually get their website/app to work correctly 100% of the time. Removing their "Free edge shipping" is the decision that doesn't make any sense to me if they want to compete in this environment.
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gamestop isnt the only place you can buy video games

 
strikeanywhere said:
Something I'm not clear on : in a forced-closure state, are online-only businesses allowed to stay open? There's no direct contact with the public. Does every Amazon and Ebay 3rd party seller need to shut down? Does anyone know the answer to this (and not just speculation)?

If the answer is yes, Gamestop will continue to get income from their online sales. In fact, they could consolidate much of their inventory into larger stores and run those as warehouses for online orders as well. This would involve paying/keeping much less staff, but also allowing for a larger revenue stream (more stores with their inventory available for online purchase means more sales).

Obviously this couldn't last indefinitely without a replenishment of used inventory, but it would certainly help during the lockdowns.
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yeah you can still operate online. a comic shop i frequent now has to do everything via mail for the foreseeable future

 
strikeanywhere said:
Does every Amazon and Ebay 3rd party seller need to shut down?

If the answer is yes, Gamestop will continue to get income from their online sales.
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No, not at all. Amazon is just limiting/delaying their warehouse incoming stock (and shutting down resellers scalping goods). That doesn't impact you or me from selling a game from my house to someone else. All mail/delivery is still good. USPS/Fedex/Amazon/UPS have confirmed staying operational.

The real problem/issue: Gamestop is on the bottom of just about everyone's list if it resorts to buying online-only. The only insurance we had with their used stock was that we could exchange it in-store if needed. With that option gone, NO ONE will be choosing their garbage garage sale mystery selection over Amazon or eBay for used games.
 
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Not saying I necessarily believe that this is going to happen but several stores near me stopped getting new consoles over the past few weeks to the point where they all have essentially none now. And last night I attempted to buy an Xbox One controller and they were out of every variety. The SL said they hadn't received a delivery of them in nearly a month. A quick search showed none avaolable within a 150 miles too. Kind of odd that they stopped receiving new controllers and systems.
 
zaorocks said:
Not saying I necessarily believe that this is going to happen but several stores near me stopped getting new consoles over the past few weeks to the point where they all have essentially none now. And last night I attempted to buy an Xbox One controller and they were out of every variety. The SL said they hadn't received a delivery of them in nearly a month. A quick search showed none avaolable within a 150 miles too. Kind of odd that they stopped receiving new controllers and systems.
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Had the same experience with stores in my area pre-corona. I had to replace my X1S as the video was going out on it, decided to make the jump to a 1X since I was replacing it anyway. Of the stores in my area, only two had X1X consoles in stock, and only 2 or 3 of those (only the NBA2K20 bundle, too). When I asked they said that all of the stores were basically just stuck ordering consoles as requested because sales of new hardware had slowed so much for them.

"But we have plenty of preowned last gen consoles, and a few OG X1 and PS4s!"

 
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