A decline in sales due to competition is the reason.

Jupiterimages, Brand X Pictures

The retailer announced it will close 150 stores. Increased competition from Best Buy, Walmart and Amazon has taken a chunk out of GameStop's profits.

More and more players are buying their games digitally, those they play on their smartphones, tablets or gaming consoles.

The company hasn't announced what stores will close, but locally, the GamesStop in Somersworth seems to be doing brisk business every time I peek in. Let's hope it survives the cut.

It makes one wonder how long before there are no brick and mortar stores due to all the online buying.