GameStop to Close 430 US Stores to Help Optimize Retail Footprint

Store Closures - GameStop plans to close more than 430 stores across the United States this month [1] - The company expects to close a significant number of additional stores in fiscal year 2025, following the closure of 970 stores in fiscal year 2024, including 590 in the U.S. [2][3] Financial Performance - In the third quarter, GameStop reported net sales of $821 million, a decrease from $860.3 million a year earlier, while operating income improved to $41.3 million from an operating loss of $33.4 million [5] - The net income for the third quarter was $77.1 million, up from $17.4 million in the previous year [5] Strategic Initiatives - GameStop is conducting a comprehensive store portfolio optimization review to identify stores for closure based on market conditions and individual store performance [3] - The company has added bitcoin as a treasury reserve asset, reflecting its adjustment to the rise of digital distribution and changing consumer behavior [4] Leadership Incentives - The board of directors granted a performance-based stock option award to Chairman and CEO Ryan Cohen, aimed at achieving a market capitalization of $100 billion, aligning incentives with long-term value creation for shareholders [6]