GameStop has shut down over 1,000 stores globally in the past year, with a majority of closures occurring in its largest market, the US. Despite this, the company claims it’s not close to being finished and plans to continue closing underperforming locations. As part of its pivot away from retail, GameStop is investing cash into cryptocurrencies like bitcoin.
The company has reduced its store count to 2,325 as of February 1, with 3,203 remaining stores globally – a drastic drop from its peak of around 6,000 a decade ago. The closures are largely due to the shift in customer behavior towards buying games online and streaming services.
GameStop joins other retailers in adapting to changing shopping habits, including Joann, Forever 21, Kohl’s, and Macy’s. The company’s decision to invest in bitcoin as a treasury reserve asset is seen as an attempt to stay relevant in the face of irrelevance. Analysts say this move may be an unusual strategy.
The announcement boosted GameStop’s stock, with shares surging 16% in premarket trading on Wednesday.
Source: https://edition.cnn.com/2025/03/26/business/gamestop-closures-bitcoin/index.html