Gamestop is planning to leave even more stores this year.
And instead of keeping his struggling stores, the video maker focuses on the transactions of cryptocurrency. So far, Wall Street has loved the move.
Gamestop closes a shocking number of companies in the past year and cut more than 1,000 worldwide stores and more than 300 last year.
But it's not done.
The company said that it is planning to continue to close a 'considerable number of' stores in 2025 in a recent legal submission, although specific locations 'have not been identified for closure'.
Gamestop once had 6,000 international store fronts, selling video games, used game consoles and gamer accessories.
The workforce has fallen quickly and is falling to just over 2,300 stores today.
Earlier, the CEO, Ryan Cohen, said that the brand was looking for a number of international stores because of 'Wookess and Dei'.
Gamestop said it will close a 'considerable number of' stores this year
Shoppers have increasingly been rejected from physical stores for their gaming needs.
Online stores – such as Steam, PlayStation Store and Xbox Store – have given customers the option to adjust and play games with immediate downloads and purchases, instead of trusting traveling to physical stores.
“The core activity of Gamestop is challenged,” Neil Saunders, the director of the retail trade at Globaldata, told DailyMail.com
“Writing has been on the wall for a long time and it can be seen in the bad sales pops of Gamestop.”
Nevertheless, the share price was raised by the Bitcoin updates, because investors increased the company's share price by 15 percent the day after the announcement.
The Bitcoin -Pivot is another unique strategy that the retailer has kept in the headlines and has complicated his business prospects.
“The pivot to Bitcoin is really a defense against irrelevance,” Saunders added.
'It's a strange thing, because it actually says that the strategy is not in the retail trade, but to act as a kind of cryptocurrency investment vehicle. However, Gamestop has many company fans and the move seems to have been received well. '
The Gaming Retailer has already closed thousands of stores in recent years
Gamers have used to online platforms to buy their video game needs
In 2021, the company was the center of a 'memestock' crazy, with thousands of amateur investors who flooded the company with millions of dollars in stock purchases.
The investors, who usually met on Reddit -Threads such as R/Wallstreetbets, were motivated for nostalgic brands of buoy that had struggled through the pandemic.
The intake sent Cohen, the former CEO.com CEO and a Reddit Fanfavoriet, to Gamestop's top position in 2023.
The stocks of stock has lifted the once -exhausted finances of the company, but still has to translate into a sustainable business model in the long term.
Analysts are skeptical: Michael tenant told Yahoo News that he does not have faith in another strategic shift after the company has changed the business plans in three times in three years. '
In the meantime, Gamestop is participating in a list of retailers that quickly close hundreds of stores this year, while shoppers are rejecting their aging brands.
Macy's, Kohl's and Dollar General have all announced plans to close store fronts.
Analysts predict that a record of 15,000 stores will close this year.
