TODAY’S S&P 500 SET-UP – September 17, 2014

As we look at today's setup for the S&P 500, the range is 30 points or 1.10% downside to 1977 and 0.40% upside to 2007.                                           













  • YIELD CURVE: 2.04 from 2.06
  • VIX closed at 12.73 1 day percent change of -9.84%


MACRO DATA POINTS (Bloomberg Estimates)

  • 7am: MBA Mortgage Applications, Sept. 12 (prior -7.2%)
  • 8:30am: CPI m/m, Aug., est. 0.0% (prior 0.1%)
  • 8:30am: Current Account Bal., 2Q, est. -$113.4b (pr -$111.2b)
  • 10am: NAHB Housing Market Index, Sept., est. 56 (prior 55)
  • 10:30am: DOE Energy Inventories
  • 2pm: Fed seen maintaining overnight bank lending rate target between 0% and 0.25%, reducing QE purchases by $10b
  • 2:30pm: Fed’s Yellen holds news conference on FOMC



    • President Obama in Tampa to attend briefings at Centcom
    • 10am: Benghazi Select Cmte hearing
    • 10:15am: Senate Finance Cmte hearing on energy tax incentives, revising the U.S. energy tax code
    • 10:30am: Senate Judiciary Cmte holds hearing on open Internet, net neutrality debate
    • 10:30am: Sen. Armed Services Cmte leaders to hold news briefing to release newly declassified report on yr-long investigation of cyber hacking into computer networks of some defense contractors
    • 1pm: Wells Fargo CEO John Stumpf talks about role of financial services in economy at National Press Club
    • 2pm: CFTC holds meeting to consider rule on margin requirements and final rule on utility special entities
    • 2pm: House Oversight panel holds hearing on IRS, missing e-mails
    • 2:30pm: Senate Foreign Relations Cmte hears from Sec. of State John Kerry on U.S. strategy to defeat Islamic State



  • Fed Decision Day Guide: considerable debate on forward guidance
  • China joins ECB in adding stimulus as Fed scales back
  • Microsoft’s Nadella raises dividend, changes 2 board members
  • Citigroup embraces derivatives risk as deals surge
  • Endo offers $2.2b for men’s health drugmaker Auxilium
  • Sony widens full-year net loss forecast to 230b yen vs 50b yen
  • Credit Suisse loans said to draw regulatory scrutiny: WSJ
  • Scots independence campaigns make final appeals ahead of vote
  • U.K. “bad bank” said to prefer JPMorgan as bidder: Telegraph
  • Barclays hid trader role after questions, Schneiderman says



    • Clarcor (CLC) 5:08pm, $0.79
    • Cracker Barrel (CBRL) 7am, $1.56
    • FedEx (FDX) 7:30am, $1.96 - Preview
    • General Mills (GIS) 6:55am, $0.69 - Preview
    • Herman Miller (MLHR) 4pm, $0.47
    • Lennar (LEN) 6am, $0.67 - Preview
    • Pier 1 Imports (PIR) Aft-Mkt, $0.13
    • United Natural Foods (UNFI) 4:05pm, $0.65



  • Iron Ore Seen Stabilizing by Australia as High-Cost Mines Close
  • Cattle Viewed as Last Bull After Herds Dwindled: Riskless Return
  • Brent Crude Rebounds as Libya’s Sharara Field Shut; WTI Steady
  • Copper Trades Near One-Week High as Top User China Adds Stimulus
  • France’s Panic Over Wheat Supplies Seen Easing as Harvest Ends
  • Record Corn Fills Silos While Eroding Farmer Prices: Commodities
  • Gold Is Little Changed Near Eight-Month Low as Fed Ends Meeting
  • Rubber Gains for 3rd Day on Bets China Stimulus May Boost Demand
  • Nigeria Seeks to Avert Oil Terminal Halt Amid Strike Action
  • U.S. LNG No Panacea as Asia and Europe to Boost Imports, BG Says
  • NOREXECO Gets License for Forestry to Paper Derivatives Exchange
  • Russian Grain Demand Seen by Grain Union Rising on Refugees
  • Fracking Study Spurs Call for Rules to Leakproof U.S. Gas Wells
  • Steel Rebar in Shanghai Halts Decline as China Boosts Stimulus

























The Hedgeye Macro Team

















Bear Truce?

This note was originally published at 8am on September 03, 2014 for Hedgeye subscribers.

“Reconciliation, n. A suspension of hostilities. An armed truce for the purpose of digging up the dead.”

-Ambrose Bierce


In what will undoubtedly be my worst two macro market days to start a month since the first week of July, I am the man in the arena this morning whose face is marred with blood and mud.


Bear Truce? - g5


Back to the Global Macro Grind


I can’t for the life of me find the sell-side note that explained 6-9 months ago that the bull case for both European and US growth equities was that Draghi was going to save Europe from slowing and that Putin was going to declare a truce. #ThesisDrift


But macro markets drift, and whether you like its message or not, the score is the score – and I’ll be held accountable to it. Responsibility in recommendation starts with answering questions in the moment. What do we do next?


I’ll summarize the questions I’ve been getting from Institutional Investors and give you where I stand this morning:


Q: Do you think the UST 10yr Yield has bottomed?


A: No. While yesterday’s ISM print was impressive, it’s not the consumption economy – I think it partly reflects the late-cycle pricing and hope you’ll see at the end of most economic expansions. Risk to Q3 GDP consensus estimates remains to the downside. 10yr yield has immediate-term downside to 2.33% and this makes Friday’s jobs report all the more important now.


Q: Do you cover the Russell 2000 short?


A: No. Much like when bond yields had a head fake (to the upside) in early July and the Russell rallied, IWM has been doing the same for the last few weeks on even less volume. To put yesterday’s move to 1179 in context, Total US Equity Market Volume was -32% vs. its YTD avg, and the Russell would still need to rally +3% (from here) to get back to the July 7th breakeven.


Q: Doesn’t the price of Oil falling get you more bullish on the US Consumer?


A: No. I never was bullish on the median consumer or US housing to begin with! If Brent breaks $95, it might get me less bearish, but not flat out bullish. While the rate of change always matters (WTI crude was -3.2% yesterday as Putin leaked the truce to his boys), the overall consumption tax on US consumers is broad based (Rents at all-time highs, Food prices +16% YTD, Real Wages flat to negative, etc.).


Q: Don’t you think the US stock market looks good on up days?


A: Kidding. No one actually asked it that way. But if you are me and see the reams of questions I get in the heat of the moment (how “bearish” the market looked at the early AUG lows when the Russell 2000 was at 1114 and SPX = 1925), and how this market looks like its “gonna rip”, “never really go down”, etc. after 5 straight up weeks… you’d at least chuckle.


Q: Doesn’t Draghi have credibility with markets?


A: Yes. We don’t doubt this guy means what he says and we don’t disrespect his impact on the currency market either (that’s why I covered the US Dollar short idea on the only pullback we’ve had since he decided to devalue again at Jackson Hole). But don’t confuse market credibility with economic stability. QE is simply a centrally planned policy to inflate asset prices.


Q: Do you buy European Equities on the Draghi put?


A: Not sure. I still need to see how markets respond to what he has to say on Thursday (ECB meeting). Buying European Equities today is a very different thesis than our bullish on European #GrowthAccelerating call was from 2013 until Q2 of 2014. Effectively, you’d be buying into a slowing economy with a broken idea that a renewed Policy To Inflate will “stimulate” real economic growth.


Q: Do you stay with long China and India?


A: Yes. Both the absolute and relative returns of these two stock markets (China +11.5% and India +30.1% YTD) are pulverizing something like the Russell 2000. More importantly, we think that’s happening for the right rate-of-change economic reasoning. In stark contrast to US and European GDP growth (which is slowing both sequentially and y/y), India is flat out accelerating, and China is finally stabilizing.


Q: What’s your sense on sentiment?


A: In the US stock market, I can assure you that many funds have been forced to chase this 4-5 week move off the August lows. In the US bond market, people are still fighting the down rates move too. Looking at the II Bull/Bear US Equity Sentiment Survey this morning, Bears have been blasted to fresh YTD lows of 13.3%, and the Bullish Spread is testing its early July highs of +4,280 (basis pts) wide to the bullish camp.


In other words, there will be no bear truce issued from Stamford, CT today. If you’d like to answer all of these questions differently, I’d be happy to post them to our entire subscriber base. It’s what makes a market.


When my face is bloodied, I love to get right back up, take a stance, and fight.


Our immediate-term Global Macro Risk Ranges are now:


UST 10yr Yield 2.33-2.46%

SPX 1985-2009

RUT 1151-1184

EUR/USD 1.31-1.33

Brent Oil 100.74-103.71

Gold 1264-1293


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


Bear Truce? - Chart of the Day

September 17, 2014

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Early Look

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Relied upon by big institutional and individual investors across the world, this granular morning newsletter distills the latest and most vital market developments and insures that you are always in the know.

Hedgeye's McGough: Restoration Hardware Shares Could Double in the Next 12-18 Months | $RH

Takeaway: Hedgeye's Brian McGough remains the bull on Restoration Hardware.

Despite last week’s revenues disappointment, Retail sector head Brian McGough sees Restoration Hardware (RH) as the one stock in his sector that might realistically double over the coming 12-18 months. In fact, McGough thinks revenues is one area where management have their hand firmly on the controls.


Last week, when the disappointing number was released, McGough wrote “if RH didn’t have a shift in source book timing, the stock would be up $10 at this point.” McGough is being bombarded with questions about this quarter’s revenues drop, but Wall Street’s microscopic quarter-by-quarter view shouldn’t blind us to the telescopic view. The company is pulling off one of the biggest real estate transformations the Retail landscape has seen in a decade. At the same time, it pares down reinvents its Source Book strategy, and doubles its product assortment from a year-ago (while simultaneously redesigning floorsets in all its stores).


Hedgeye's McGough: Restoration Hardware Shares Could Double in the Next 12-18 Months | $RH - restorationHardware


Guidance calls for a meaningful acceleration on the top line in the back half of the year – up 600bps from the first half of 2014. With inventory and deferred revenue (custom orders and orders in transit) up 35% year over year, we have confidence that RH will hit back half revenue estimates. Wall Street’s disappointment over the second quarter revenue miss is reflected in a stock price that dropped a few points since the print – closing yesterday at $77.05.


McGough has long-term confidence in RH management’s ability to manage the increasing complexity as the business grows and transforms. If he’s right, the stock could double in the next 12-18 months. And he thinks the stock could then double again over the following 12-18 months.


That would be worth the wait.

LEISURE LETTER (09/16/2015)

Tickers: LVS, MGM, RLJ, FCH, CCL


  • Sept 16: Trump Plaza closes
  • Sept 16: FCH investor meetings in Canada
  • Sept 17-18: CLSA Investor Forum
    • 17th: Genting Singapore, SJM, WYNN
    • 18th: Bloomberry
  • Sept 17: Massachusetts Gaming Commission: Boston Decision by Wednesday
  • Sept 17: PENN at Credit Suisse Small & Mid Cap Conference
  • Sept 17-18: Hedgeye Cruise Pricing Survey mid-Sept
  • Sept 18: Imperial Capital Global Opportunities Conference
  • Sept 18: WYN & VAC at MKM Entertainment, Leisure Conference


AGI:PM & 678:HK – (GGRAsia) Alliance Global Group Inc noted the first phase of its US$1.1-billion Manila casino project called Resorts World Bayshore (RWB) would be completed by 2018 with construction set to begin within 90 days. RWB will be the fourth casino operator to open in Pagcor Entertainment City.  RWB will include 3 luxury hotels (Okura, Westin Hotels and Resorts, and a third brand yet to be finalized) offering more than 800 rooms, a retail component, a theater, and the casino. The development of Resorts World Bayshore is under Resorts World Bayshore City Inc., soon to be owned by AGI unit Travellers International Hotel Group Inc. Travellers is a joint venture with Genting Hong Kong Ltd., which is also the developer of Resorts World Manila in Pasay City, also currently undergoing an expansion program.

Takeaway: The build out of Manila as a gambling and entertainment destination continues.  GGR growth rates certainly supports it.


BEL:PM (GGRAsia) Philippine casino investor Belle Corp said in a regulatory filing on Monday that 3.36 billion shares in Premium Leisure Corp that it already owns will be listed with the Philippine Stock Exchange “some time this week”.

Premium Leisure (formerly known as Sinophil Corp) got regulatory approval to change its name a fortnight ago. Premium Leisure is reportedly pre-marketing a follow-on share offering to expand its investor base.

Takeaway: Very convenient timing as CLSA is the book runner for the placement and CLSA is currently hosting its Investor Forum in Hong Kong this week.


LVS – EVP and President of Global Gaming Operations at Las Vegas Sands Rob Goldstein and his wife listed for sale their Southampton NY compound for $28 million.  The Goldsteins acquired the property in 2007 for $14.7 million. 

Takeaway: Is it possible Mr. Goldstein will be assuming greater responsibilities within the enterprise and therefore won't have the time to relax and utilize the property? Given the gaming revenue weakness across Macau and Singapore as well as Mr. Leven's imminent retirement, we believe this to be the case.


MGM & 2282:HK (Macau Business & Macau Daily Times) A group of about 200 casino workers from MGM China met with representatives from the city’s Labor Affairs Bureau to complain about the company’s pay and benefit policies and demand better terms of employment.  Workers complained the company will allocate a disproportionate number of labor-intensive live gaming tables to new smoking rooms, and use more electronic gaming machines on the casino main floor – some of these machines allow a single dealer to serve many more players than traditional table games.

Takeaway:  Labor battles continue.  Croupiers and floor attendants view their role as "highly skilled" despite the entry level nature of such roles.  


3918:HK NagaCorp (GGRAsia) informed shareholders via HKSE filing, NagaCorp Ltd, the operator of the NagaWorld casino resort in Phnom Penh, Cambodia, says it has commissioned “an independent professional party to review the internal controls of the company and its subsidiaries...with a focus on anti-money laundering”. NagaCorp also said it had engaged another advisor called Political and Economic Risk Consultancy Ltd (PERC), “to assess the investment risks in Cambodia”. The consultant said in its findings published in NagaCorp’s Monday filing, that on a scale of 0 to 10 – with 10 being the greatest risk – its latest survey gives Cambodia an overall risk grade of 5.85. 

Takeaway: Chairman McNally drawing upon his twenty-four years of service with the Federal Bureau of Investigation to help keep NagaCorp in the clear.


RLJ – announced that it has acquired the 215-room DoubleTree Grand Key Resort located in Key West, FL for a purchase price of $77.0 million, or approximately $358,000 per key.

Takeaway: Key West a hot market for tourism as well as hotel transactions.


FCH –  sold its 446-room Holiday Inn-Toronto Airport and 221-room Embassy Suites Hotel-Indianapolis North for aggregate gross proceeds of $29M in separate transactions. 

Takeaway:  Selling assets = right sizing and focusing the portfolio as well as paying down debt


CCL – (Cruise Critic) Princess Cruises canceled Sea Princess' 14-night Fremantle to Brisbane cruise due to 'technical difficulties'. The ship, after arriving in Fremantle on Saturday for repairs and following a cruise from Singapore, experienced problems that affected its ability to cruise at full speed on recent itineraries. While in port, engineers discovered a second, separate technical, issue and Princess decided to bring the ship to dry dock where all repairs will be carried out. Princess gave all passengers a full refund of their cruise fare plus a 100% future cruise credit. 

Takeaway: Ironic and unfortunate timing as The Sunday Times reported that according to passengers, up to 400 people disembarked the same ship on Sunday morning morning with norovirus - which resulted in the vessel getting nicknamed "Pandemic Princess".  


Insider Transactions:

MAR – President of the Americas Division, David Grissen acquired 16,000 shares via stock option (with an expiration date of April 27, 2015) for $15.00/share and sold the same shares at an average price/share of $71.09. Additionall, Mr. Grissen acquired 9,840 shares via stock option (with an expiration date of February 10, 2015) for $30.31/share and sold these share at an average price/share of $71.18.  Mr. Grissen now directly owns 54,755 shares of the company’s stock and 1,785 shares via 401(k). 


T8 signal lowered as Typhoon Kalmaegi makes landfall in China (Macau News) 

Issued warning:  "Kalmaegi has made landfall over Wenchang, Hainan Island, and will continue to move further away from Hong Kong. Its associated squally showers will still affect Hong Kong intermittently. Although Kalmaegi is moving away, occasional gales will still affect Macau."

Takeaway:  This won't make things better for Macau in September


Macau Safe Haven for Russian Capital (Macau Business) A risk consultant says Russian investors regard Macau as a safe place to put their money, out of the reach of US and EU sanctions imposed on Russia for its interference in Ukraine, Business Daily reports.

Takeaway: Unfortunately, not the headline Macau needs at this moment.


Atlantic City - Donald Trump tweets considering saving Trump Plaza and Taj Mahal 

Takeaway:  Vulture buyer in the market


Lodging 2015 Corporate Rates – NYU forecasts big bump in 2015 corporate rates. The emerging outlook for 2015 corporate contract room rates in the United States is expected to increase the most since NYU started preparing this forecast with a national average increase of 5.5% to 6.5%.

Takeaway: A stronger than expected tailwind for the lodging cycle and 2015 outlook.

Global Tourism – International tourist arrivals grew by 4.6% in the first half of 2014 according to the latest UNWTO World Tourism Barometer. Destinations worldwide received some 517 million international tourists between January and June 2014, 22 million more than in the same period of 2013. Growth was strongest in the Americas (+6%) followed by Asia and the Pacific and Europe (both at +5%). By subregion, South Asia and Northern Europe (both +8%) were the best performers, together with North-East Asia and Southern Mediterranean Europe (both +7%).

Takeaway: More support for the strengthening lodging cycle.


Hedgeye remains negative on consumer spending and believes in more inflation.  Following  a great call on rising housing prices, the Hedgeye

Macro/Financials team is turning decidedly less positive. 

Takeaway:  We’ve found housing prices to be the single most significant factor in driving gaming revenues over the past 20 years in virtually all gaming markets across the US.

Retail Callouts (9/16): ICSC, DKS, URBN, WWW, M

Takeaway: ICSC - 3% growth simply 'ok'. DKS loses two executives. URBN feeling the media heat. WWW shuffling the deck. M outlines e-comm strategy.



Wednesday (9/17)

PIR - Earnings Call: 4:30pm


Thursday (9/18)

RAD - Earnings Call: 8:30am




Takeaway: This marks the second biggest sequential deceleration we've seen in these numbers all year -- +3.0% from +4.0%.  The irony is that if we turned the clock back six months, the industry would have given anything for a 3% comp. Now, after the huge numbers we've been seeing for the past quarter, a 3% reading is simply 'ok'.


Retail Callouts (9/16): ICSC, DKS, URBN, WWW, M - 9 16 chart1

Retail Callouts (9/16): ICSC, DKS, URBN, WWW, M - 9 16 chart2




DKS - Departure Of COO and EVP of Merchandising



  • "On September 10, 2014, Joseph H. Schmidt informed Dick’s Sporting Goods, Inc. of his intention to retire from his position as President and Chief Operating Officer, a role he has held since 2009. Mr. Schmidt has served in several key leadership roles since joining the Company in 1990. Mr. Schmidt will remain with the Company until the end of fiscal 2014 or such other date as mutually agreed to by Mr. Schmidt and the Company. The Company has initiated a search for Mr. Schmidt’s successor."
  • "On September 10, 2014, John G. Duken informed the Company of his plan to retire, effective as of the end of November. Mr. Duken has served as the Company’s Executive Vice President, Global Merchandising since 2012. Mr. Duken joined the Company in 1999 and has held a number of roles in operations, planning & allocation and merchandising throughout his tenure."


Takeaway: When is it a good sign when both the COO and head of Merchandising are fired/pushed out/step down on the same day? Never. The reality is that Dick's problems go far beyond these two individuals...but accountability has to start somewhere. We wouldn't touch this stock unless it was on the short side.


URBN - Urban Outfitters Features "Vintage" Red-Stained Kent State Sweatshirt


  • "The Ohio university is best known for the 1970 shootings on campus that left four anti-war protesters dead.  Urban Outfitters has pulled the sweatshirt from its website and apologized."


Retail Callouts (9/16): ICSC, DKS, URBN, WWW, M - 9 16 chart3


Takeaway:  We're all for pushing the envelope as to what is considered socially acceptable from a product and brand messaging standpoint. But this is definitely taking it too far. But let's be real, URBN isn't exactly knocking the cover off the ball right now. Even negative attention is good attention at this point. That's probably what the Urban merchants thought when they braced for the fallout from this product launch.


WWW - Wolverine Worldwide Names Rick Blackshaw President of Sperry Top-Sider and Chris Lindner President of Keds



Takeaway: The swap between Sperry and Keds is puzzling at face value.  But the bigger point is that this is not a first for WWW. It is part of the company's DNA. Very few executives in the WWW organization have stayed with one brand throughout their whole tenure. Now WWW is applying the same philosophy to the acquired PLG brands, which makes perfect sense.  This is NOT a sign of things going wrong at Sperry or Keds, which we're inclined to think that WWW/Sperry-haters will try to argue. We'll take the other side of that any day.


M - Macy’s, Inc. Outlines New Developments in Omnichannel Strategy and Technology



  • "Macy’s and Bloomingdale’s to help launch Apple Pay; same-day delivery to be piloted in fall 2014; new POS technology and customer service enhancements in testing; new apps, web functionality and mobile wallet launched; RFID being expanded to fashion categories"


Takeaway: Over the past eight years, M has grown its online business at a 32% CAGR, 2nd only to KSS. That channel now accounts for about 15% of total sales - tops in the pier group. Macy’s is the best in the business at driving its financial model, and we’ve got to respect that. But when all is said and done, we simply have a tough time justifying that there’s enough room to evolve the financial model into something that’s meaningfully better than we see today. Margins are tapped and costs are accelerating. That’s not in expectations. But, we have to give credit where credit is due. In this release, M outlines 12 initiatives it has in the works to enhance both the online and in-store shopping experience through technology. Some of them echo the rest of the industry, particularly buy online pick up in store and same day delivery, but for the most part M is leading the charge when it comes to technological innovation.




ASOS- Trading Statement for the three months ended 31 August 2014



  • "Our UK performance remained strong over the final quarter, with sales increasing 33%. Our
  • International business grew 6% or 14% in constant currency. However, due to the fire at our
  • Barnsley distribution centre, we lost sales during the quarter of between £25m and £30m with a retail gross margin impact of c.200 basis points. After adjusting for insurance proceeds, we expect profit before tax for the year to be in line with market expectations."


RSH - RadioShack Appoints Interim Chief Financial Officer



  • "RadioShack Corporation announced the appointment of Holly F. Etlin as interim chief financial officer, replacing John Feray.  Mr. Feray resigned on September 12, 2014, citing personal reasons."
  • "Ms. Etlin, a managing director of AlixPartners and longtime RadioShack advisor, served as RadioShack's interim CFO from July 2013 to February 2014."


AMZN - Amazon Begins Login and Pay in Europe



  • "Amazon will today open its Login and Pay With Amazon system in Europe, the streamlined payment and checkout solution that made its debut in the U.S. in October."
  • "The tool allows for consumers to use their Amazon credentials when purchasing from non-Amazon sites, eliminating the need to reregister and input personal information every time a consumer shops at a different e-tailer."


SHLD - Sears Borrows $400 Million From Lampert’s ESL Investments



  • "'Sears Holdings Corp. is taking a $400 million short-term loan from the hedge fund owned by its chief executive officer and largest shareholder, Edward Lampert.'"
  • "'Lampert’s ESL Investments provided $200 million as of yesterday and will fund the remainder on Sept. 30, Hoffman Estates, Illinois-based Sears said in a regulatory filing. The money will be used for 'general corporate purposes.'"


ANN - ANN INC. Responds to Engine Capital LP and Red Alder LLC



  • "We have met with Engine Capital and Red Alder, and the full Board has had the opportunity to review the presentation of Engine Capital and Red Alder referenced in their press release. "
  • "While the Board appreciates the input of Engine Capital and Red Alder, none of the analyses contained in their presentation is new to the Board.  The conclusions that one draws from these analyses depend heavily on the various assumptions made.  The Board continues in a very deliberate manner and on an informed basis to consider and determine the courses of action that are in the best interests of all of its shareholders."


TJX - T.J.Maxx enlists stars for style campaign



  • "This fall, T.J.Maxx is partnering with Erika Christensen and designer Jenn Rogien, who has made headlines for her wardrobe curations for hit TV series such as “Girls” and “Orange Is the New Black,” for a new ad campaign revolving around a woman’s style."


GME - GameStop to exit Spanish market



  • "GameStop Corp. plans to exit the Spanish market by selling some stores there to U.K.-based video game retailer Game Digital plc, and closing the remaining locations. Under the terms of this proposed agreement, GameStop will transfer ownership of a portfolio of GameStop stores located in Spain with the remaining retail sites winding down in 2014."

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