GameStop, the popular global video game retailer, said it plans to close a "significant number" of stores in the coming months after having already shuttered 1,000 across the world during the past year, a regulatory filing obtained by CNN confirms.
GameStop, which also announced plans to invest cash in Bitcoin, said the "specific set of stores has not been identified for closure" after already shutting down locations in its biggest market, the United States, with 590 closings reducing its total store count to 2,325 as of February 1. The company also shut down more than 330 locations throughout Europe and nearly 50 in Canada and Australia.
GameStop currently has 3,203 stores in operation, which is a drastic decrease from its peak of 6,000 in the 2010s. The popular retailer has struggled to adapt to consumers' changing buying habits as games are now easily purchased online and directly downloaded to the console.
GameStop was also at the center of the "meme stock" craze in 2021, which briefly boosted its stock, while its announcement to invest in Bitcoin has reportedly led to a nearly 13% rise in premarket trading on Wednesday (March 26), according to Yahoo Finance. GameStop is the latest among several well-known retailers facing massive closings following the likes of Forever 21, Joann, Kohl's and Macy's.