GameStop Announces Another Round of Major Store Closures

GameStop, the well-known video game retail giant, has been going through some significant changes lately, most notably with the closure of multiple stores across the United States. The trend that started back in January is set to continue, as the company gears up to shut down a considerable number of its outlets in the near future.

In a recent filing, GameStop openly discussed its ongoing strategy to close even more stores. However, the specifics regarding which locations will be shuttered remain under wraps, as they are currently conducting a “comprehensive store portfolio optimization review.” This means they’re evaluating various factors such as market conditions and the performance of individual stores to decide which ones to close. According to their statement, GameStop projected the closure of 590 stores in the United States for fiscal 2024, with expectations to close many more in fiscal 2025.

In parallel with these closures, GameStop is embarking on a new investment journey. The company has decided to invest in cryptocurrencies, particularly Bitcoin, as part of its treasury reserve assets. On March 25, 2025, GameStop revealed changes to its Investment Policy, approved by the Board, which allows for a portion of their finances or future debt and equity issuances to be channelled into Bitcoin. Interestingly, they have not imposed any cap on the amount of Bitcoin they might hold, nor have they ruled out the possibility of selling any Bitcoin they acquire.

Neil Saunders, an analyst from GlobalData Retail, provided some insights to CNN on GameStop’s latest moves. He remarked that this shift toward Bitcoin seems like an effort to stay relevant in today’s rapidly changing landscape. Saunders emphasized that the move is somewhat unusual since it suggests the company is pivoting away from traditional retail to explore avenues as a cryptocurrency investment entity.

(Source: CNN)