GameStop announced plans to shutter more than 430 U.S. stores this month, part of a broader fiscal 2025 strategy disclosed in a December SEC filing. As of February, the chain operated 2,325 domestic outlets, down from 3,295 at the end of fiscal 2023. During fiscal 2024, the company closed 970 locations globally—590 in the U.S., 336 in Europe, 33 in Australia and 11 in Canada—after conducting a comprehensive portfolio review based on market conditions and individual store performance.

In its third quarter, GameStop reported net sales of $821 million, a decline from $860.3 million year-over-year, while operating income rose to $41.3 million from a prior operating loss of $33.4 million. Net income improved to $77.1 million compared with $17.4 million in the year-ago period. The retailer’s bitcoin holdings were valued at $519.4 million at quarter-end, reflecting its board’s March decision to add the cryptocurrency as a treasury reserve asset.

With liquidity of $8.8 billion and minimal net leverage, GameStop boasts a fortress balance sheet that supports a transformative M&A mandate under CEO Ryan Cohen. In early January, the board granted Cohen a performance-based stock option award tied to achieving multi-billion-dollar EBITDA hurdles and a $100 billion market capitalization target. Analysts cite a liquidation floor valuation near $11.57 per share and long-term upside potential above $32 per share, contingent on disciplined, high-ROIC capital deployment.