GameStop’s Chief Executive Officer executed a major open-market purchase totaling 500,000 shares this week, according to a Form 4 filing with the Securities and Exchange Commission. This acquisition follows a prior buy of 200,000 shares in November, raising Cohen’s personal stake to more than 10 million shares. His renewed confidence in the company’s long-term turnaround strategy helped drive after-hours trading volumes up 35%, signaling strong support from retail and institutional investors watching insider activity closely.

The company confirmed plans to shutter approximately 470 stores by the end of January, including 30 outlets across New York State. That brings the total closures over two fiscal years to more than 1,000 units, reducing the global store count from a peak of over 6,000 to under 2,000. Major markets affected include New York City boroughs, Long Island, Westchester, Texas and Florida. Management cites an ongoing store optimization review filed in December, targeting lower-performing locations to improve overall profitability per unit.

In the most recent fiscal quarter, net sales declined to $821 million from $860 million a year earlier, reflecting pressure on same-store transactions and hardware sales. However, net income rose to $77.1 million, compared with a breakeven result in the prior period, driven by cost savings from store closures and inventory efficiencies. The company reiterated guidance for positive free cash flow for the full fiscal year, supported by aggressive expense management and a shift toward digital sales channels.