In a move sure to generate countless smug “Best I can do is $5…” remarks, GameStop is trading in many of its brick-and-mortar locations for cryptocurrency investments.
The chain’s latest regulatory filing reveals it plans to close a “significant number” of locations in the months ahead. The chain’s plans are more abstract than concrete; GameStop will shutter locations, but a “specific set of stores has not been identified for closure.”
The move away from traditional retail operations comes alongside its decision to lean into cryptocurrencies like Bitcoin. The chain stated that some of its cash or future equity would come as crypto investments, suggesting it’s working to defend itself from falling further behind the times.
The announcement did perk up the chain’s stock performance, as shares rose 16% following Wednesday’s reveal.
The retail chain, best known for its video game trade-in program, has already ceased operations at nearly one-quarter of its locations. Globally, the chain has closed almost 1,000 storefronts. GameStop closed around 600 stores in the United States. This departure from traditional retail operations leaves just over 2,300 stores stateside.
Additionally, several dozen stores in Europe, Canada, and Australia have closed.
Altogether, GameStop still operates around 3,200 locations worldwide. At its peak, the retailer boasted about 6,000 stores.
Ever-changing consumer habits, online shopping, digital video game sales, a now-infamous stock short squeeze, and other economic uncertainties are among the most significant contributors to the store’s shifting operations. The commercial success of download-only gaming devices like Valve’s Steam Deck, ASUS’s ROG Ally, and Lenovo’s Legion G0 has pushed the chain further into obscurity.
GameStop isn’t the only consumer retailer affected; chains like Party City, Joann, and Forever 21 are among the latest to discontinue sales and shutter brick-and-mortar locations.
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A lifelong gamer raised on classic titles like Crash Bandicoot, Spyro, and Croc, Stephanie brings her expertise of gaming and pop culture to deliver unique, refreshing views on the world of video games, complete with references to absurd and obscure media.
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