Videogame chain GameStop Corp., hit hard by a shift to digital downloads, plans to close at least 150 stores this year and expand nongaming businesses, the Wall Street Journal reported today. Sales and earnings fell by double digits in the latest period, and the GameStop brand lost some market share during the holiday season due to discounts, Chief Executive J. Paul Raines said yesterday. Publishers, Mr. Raines said, started cutting prices earlier than expected, “leading to a steep decline in retail pricing.”
