Online game retailer GameStop has just lately been closing shops throughout the U.S. The corporate just isn’t stopping with its most up-to-date set of closures from January as it’s presently making ready to shut a “important” quantity of shops within the close to future.
GameStop closing extra shops in favor of Bitcoin funding
GameStop disclosed its resolution to shut extra shops in a latest submitting. Whereas specifics on which shops shall be impacted usually are not given as the corporate presently started a “complete retailer portfolio optimization evaluation,” it does verify it anticipates a “important quantity” of closures within the 2025 fiscal 12 months.
“Now we have additionally initiated a complete retailer portfolio optimization evaluation which includes figuring out shops for closure based mostly on many components, together with an analysis of present market circumstances and particular person retailer efficiency,” says GameStop within the submitting. “This evaluation, amongst different issues, resulted within the closure of 590 shops in america in fiscal 2024. Whereas this evaluation is ongoing and a selected set of shops has not been recognized for closure, we anticipate closing a major variety of further shops in fiscal 2025.”
As GameStop plans to shut extra shops inside the fiscal 12 months, the corporate introduced it’ll put money into cryptocurrencies, together with Bitcoin, as a treasury reserve asset.
“On March 25, 2025 we introduced that, as a part of our revisions to the Funding Coverage, the Board accredited the addition of Bitcoin as a treasury reserve asset, whereby a portion of our money or future debt and fairness issuances could also be invested in Bitcoin,” reads the corporate’s assertion. “Now we have not set a most quantity of Bitcoin we could accumulate, and will promote any Bitcoin we could purchase.”
GlobalData Retail analyst Neil Saunders mentioned this transfer with CNN saying, “The pivot to Bitcoin is mostly a protection towards irrelevance.” He continues saying it’s “an odd factor because it’s principally saying the technique isn’t retail however to behave as some type of cryptocurrency funding car.”
(Supply: CNN)
