GameStop closes more stores as retail apocalypse – Business News
Meme stock GameStop, as soon as a dominant brick-and-mortar video sport retailer, is persevering with to close more stores in 2026.
The retailer, whose business model was threatened by digital adoption within the gaming industry, closed 590 stores nationwide in fiscal 2024 and mentioned that it plans to close a “significant number of additional stores” in its 2025 fiscal yr, which ends in January 2026.
The company didn’t disclose the quantity of stores that it was closing in fiscal 2025 or the place they have been positioned.
However, in latest days, a number of people on X posted photos of not too long ago shuttered places in numerous states, with one person even linking to an unofficial weblog that has been monitoring GameStop’s closures.
FOX Business reached out to GameStop for remark.
The company warned in early 2025 that it anticipated closing a “significant number” of further stores and revised its investment coverage, paving the best way for the video sport retailer to invest in Bitcoin.
“The overall goals of the Investment Policy are to provide sufficient liquidity to meet the day-to-day financial obligations of the Company, and to optimize investment returns within the guidelines of the Investment Policy,” GameStop mentioned on the time.
The company has confronted financial difficulties because the 2010s as digital sport downloads rose in recognition and competitors elevated from online retailers such as Amazon and big-box chains.
GameStop has continued to close more stores in 2026. Stephen Yang for the New York Post
A majority of GameStop stores have been additionally positioned in malls, which confronted declining foot visitors.
In its December earnings report, the company reported that income continued to say no, falling $39.3 million yr over yr.
It grew to become a fading relic of the mall period earlier than quickly turning into one of essentially the most well-known meme shares in market historical past in 2021.
The video sport retailer closed 590 stores within the fiscal 2024 yr, with more “additional stores” closing as its 2025 fiscal yr wraps up this month. Getty Images
In early January, the company granted CEO Ryan Cohen a performance-based stock option award to drive growth.
In order for him to money in, the company’s market cap would need to achieve $100 billion.
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It’s at the moment at $9 billion.
In January, retail buyers, many of whom have been organized on Reddit’s r/WallStreetBets, started aggressively shopping for the stock, which has misplaced over 34% during the previous 12 months.
