GameStop Announces Another Round of Significant Store Closures

Recently, GameStop, the familiar name in video game retail, has been shutting down more stores across the United States. This wave of closures didn’t stop with the initial reduction in January; the company is gearing up to close a substantial number of its outlets soon.

In an unexpected twist, GameStop revealed its plan to shutter more stores as detailed in a recent filing. While specifics about which locations will be affected aren’t clear yet, GameStop is undergoing a “comprehensive store portfolio optimization review.” This means that a significant number of closures are expected in the fiscal year 2025.

The filing states, “We’ve also kicked off a thorough evaluation of our store portfolio, which includes identifying which stores to close based on various factors like current market trends and the performance of each store.” It adds, “This means 590 stores were closed in the U.S. during the fiscal year 2024. Though the review is still ongoing and we haven’t pinpointed the exact stores to close next, we foresee a considerable number of additional closures in fiscal 2025.”

While the company is trimming its retail presence, it has also announced plans to dive into the world of cryptocurrencies, specifically Bitcoin, as part of its financial strategy.

GameStop stated, “On March 25, 2025, we revealed that in revising our Investment Policy, the Board approved including Bitcoin as a treasury reserve asset. This allows us to invest part of our cash or proceeds from future funding into Bitcoin.” They added, “There’s no upper limit to how much Bitcoin we might gather, and we might sell any Bitcoin we purchase.”

Neil Saunders, an analyst with GlobalData Retail, weighed in on this with CNN, commenting, “They’re turning to Bitcoin as a defense against losing their edge in the retail world.” He further explained, “It’s a peculiar move because it implies the focus isn’t on retail anymore but rather positioning themselves as a sort of cryptocurrency investment firm.”

(Source: CNN)