GameStop closing about 30 New York stores as nationwide purge mounts due to falling sales

Core Viewpoint - GameStop is undergoing a significant nationwide store closure initiative, shutting down over 470 locations, including 30 in New York, as part of a broader strategy to optimize its store portfolio and address ongoing challenges in its brick-and-mortar business [1][5][13]. Group 1: Store Closures - GameStop is closing more than 30 stores in New York, affecting various regions including New York City, Long Island, and upstate areas [1][4]. - The closures are part of a national retrenchment, with plans to close stores across 43 states by the end of the month, marking one of the most aggressive retail pullbacks in the company's history [5][6]. - The company has already closed 590 US stores in the previous fiscal year, bringing the total closures to over 1,000 locations in approximately two years [6][8]. Group 2: Financial Performance - GameStop's recent quarterly earnings report indicated a decline in net sales to $821 million from $860 million year-over-year, although net income improved to $77.1 million [13]. - The company is planning to close a "significant number of additional stores" during fiscal 2025 as part of its ongoing store portfolio optimization review [13]. Group 3: Historical Context - GameStop became a prominent name in finance during the 2021 meme-stock frenzy, which temporarily boosted its stock price and provided the company with renewed attention and capital [14][15]. - Despite the initial surge in interest and capital, the long-term challenges facing its physical retail operations remain unresolved [15].