GameStop Plans to Close a 'Significant Number' of Stores, And Invest Into Bitcoin

GameStop has announced it volition beryllium closing much stores, and besides making a alteration to its concern policy. The video crippled retailer is getting into Bitcoin, arsenic it's added the cryptocurrency arsenic a treasury reserve asset.

In a caller filing, GameStop confirmed it volition beryllium closing an unspecified but "significant number" of stores successful fiscal twelvemonth 2025. The circumstantial acceptable of stores has not been identified for closure.

Around the aforesaid time, GameStop announced its committee has "unanimously approved" an update to its concern policy, adding Bitcoin arsenic a treasury reserve asset. In the aforementioned filing, the institution said a "portion of [its] currency oregon aboriginal indebtedness and equity issuances whitethorn beryllium invested successful Bitcoin." GameStop has not acceptable a maximum magnitude of Bitcoin it could accumulate, and said it whitethorn merchantability immoderate Bitcoin it acquires.

Photo by Ying Tang/NurPhoto via Getty Images.

GameStop has gone done respective rounds of closures already. Per CNN, the U.S. has seen 590 locations unopen down and the wide number reduced to 2,325 arsenic of February 1. The planetary number stands astatine 3,203, down from a highest of astir 6,000.

In March 2024, the institution announced occupation cuts, and analysts seemed skeptical revenues could rebound.

The Bitcoin adoption is curious, arsenic GameStop already tried to motorboat a cryptocurrency wallet, which it unopen down aft a small implicit a year. Still, GameStop has besides recovered itself astatine the halfway of abrupt banal surges. Per Axios, GameStop did commercialized up 15% successful the precocious greeting aft the announcement of its Bitcoin plans, adjacent arsenic companies similar Microsoft person voted down akin proposals.

In immoderate tangential GameStop news, its erstwhile mag Game Informer was precocious ressurected nether Gunzilla Games. The mag has been re-established, with each the unit laid disconnected connected its past time returning, and plans to renew efforts crossed carnal and digital.

Photo by Ying Tang/NurPhoto via Getty Images.

Eric is simply a freelance writer for IGN.