GameStop to Shut Over 400 Stores Across the US
Video game and entertainment retailer GameStop is set to close more than 400 physical stores across the United States, according to Reuters, citing a report by Polygon.
Data available up to January show that at least 410 stores, spanning from California to Maine, have already closed or are scheduled to shut down soon. In addition, at least 11 more outlets are currently in the process of closure.
The move aligns with GameStop’s recent financial disclosures. In a report filed with the US Securities and Exchange Commission (SEC) last December, the company stated that it plans to close a significant number of additional stores during fiscal year 2025. GameStop’s 2025 fiscal year is set to conclude on January 31, 2026.
The same filing also noted that if the company’s market capitalization reaches $100 billion, Chief Executive Officer Ryan Cohen could be eligible for up to $35 billion in stock-based incentives. Beyond the US, GameStop has also announced plans to scale back operations in several European countries and Canada.
Despite its high-profile stock market surge in 2021, the company has struggled with strategic direction in recent years, following the failure of initiatives such as a crypto wallet and an NFT marketplace.
DBTech/BMT/OR
