GameStop, which shuttered operations in several international markets and closed nearly 600 U.S. stores during its 2024 fiscal year, is planning a “significant” number of additional store closures in FY 2025, which ends in February 2026. GameStop has not indicated which stores are slated for closure; the retailer currently operates over 3,200 stores in the U.S., Canada, Australia and Europe, with the bulk (2,325) being in the U.S.
The retailer has “initiated a comprehensive store portfolio optimization review which involves identifying stores for closure based on many factors, including an evaluation of current market conditions and individual store performance,” according to an SEC filing.
Additionally, the games and collectibles retailer’s board has approved the use of Bitcoin as a treasury reserve asset, “whereby a portion of our cash or future debt and equity issuances may be invested in Bitcoin,” according to the SEC filing. The company has not set a maximum amount of the cryptocurrency it may accumulate and may sell any Bitcoin that it acquires.
GameStop Exits International Markets as Sales Plummet
GameStop has been contracting its non-U.S. operations for a few years now. During its 2023 fiscal year, which ended in February 2024, the retailer exited Ireland, Switzerland and Austria. During Q4 of its 2024 fiscal year, GameStop closed store operations in Germany and sold its Italian subsidiary, although its stores in Italy will continue to operate under the GameStop brand during a six-month transition period. In February 2025, the retailer announced plans to sell its Canadian and French retail operations.
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News of the prospective U.S. store closures came as GameStop reported its fiscal 2024 results. The retailer had $3.8 billion in net sales, down 27.5% from the $5.3 billion generated the previous year. For its Q4, which included the 2024 holiday season, GameStop saw a similar decline, dropping 28.5% compared to the same period in fiscal 2023, from $1.8 billion to $1.3 billion.
