GameStop to close 'significant number' of stores in 2025, invest in bitcoin

Core Viewpoint - GameStop is revising its investment policy to include Bitcoin as a treasury reserve asset, anticipating the closure of a significant number of stores this fiscal year [1][2][9]. Investment Policy Update - The company announced that a portion of its cash or future debt and equity issuances may be invested in Bitcoin following the policy change [2]. - There is no maximum amount set for Bitcoin accumulation, and the company may sell any Bitcoin acquired [3]. - The update to the investment policy was a unanimous decision by the board, including CEO Ryan Cohen [4]. Financial Performance - GameStop reported $1.28 billion in net sales for the final quarter of its fiscal year, a 28.5$131.1 million [6]. - For the entire fiscal year, the retailer achieved $3.82 billion in net sales and$131.3 million in net income [6]. Store Operations - The company operated approximately 3,200 stores globally at the end of the fourth quarter, which is nearly 970 fewer than the previous year [9]. - GameStop anticipates closing a significant number of stores this year, although specific locations have not yet been determined [9].