GameStop is set to close over 410 retail locations across the United States as part of a major cost-cutting initiative. This decision comes after the retailer reported its intention in an SEC filing to "anticipate closing a significant number of additional stores in fiscal 2025," which ends on January 31, 2026.
Among the closures are 11 additional locations that are reportedly also in the process of shutting down. GameStop's struggles have been evident despite a surge in market value in 2021, highlighted by unsuccessful ventures into cryptocurrency and an NFT marketplace. The company is also looking to scale back its operations in Europe and Canada.
Furthermore, the same SEC filing disclosed that CEO Ryan Cohen could earn up to $35 billion in stock options if the market cap reaches $100 billion.