Video game retailer GameStop slumps after sharp decline in quarterly sales

The Grapevine, Texas-based company also said late on Tuesday that it had cut an unspecified number of jobs, joining Japan's Sony and Electronic Arts in a bid to reduce costs as economic uncertainty hits discretionary spending. GameStop is set to lose more than $900 million in its market capitalization if the premarket losses hold. As of Tuesday, GameStop's stock had fallen nearly 12% this year, as the retail and ecommerce environment remains intensely competitive for the company, which was once a mainstay of American malls.