GameStop shutters more stores as retail apocalypse continues

Meme stock GameStop, once a dominant brick-and-mortar video game retailer, is continuing to close more stores in 2026. 

The retailer, whose business model was threatened by digital adoption in the gaming industry, closed 590 stores nationwide in fiscal 2024 and said that it plans to close a "significant number of additional stores" in its 2025 fiscal year, which ends in January 2026. 

The company didn't disclose the number of stores that it was closing in fiscal 2025 or where they were located. However, in recent days, several people on X posted pictures of recently shuttered locations in different states, with one user even linking to an unofficial blog that has been tracking GameStop's closures. 

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FOX Business reached out to GameStop for comment. 

The company warned in early 2025 that it anticipated closing a "significant number" of additional stores and revised its investment policy, paving the way for the video game retailer to invest in Bitcoin. 

"The overall goals of the Investment Policy are to provide sufficient liquidity to meet the day-to-day financial obligations of the Company, and to optimize investment returns within the guidelines of the Investment Policy," GameStop said at the time. 

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The company has faced financial difficulties since the 2010s as digital game downloads rose in popularity and competition increased from online retailers such as Amazon and big-box chains. A majority of GameStop stores were also located in malls, which faced declining foot traffic. 

In its December earnings report, the company reported that revenue continued to decline, falling $39.3 million year over year.

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It became a fading relic of the mall era before rapidly becoming one of the most famous meme stocks in market history in 2021. 

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In early January, the company granted CEO Ryan Cohen a performance-based stock option award to drive growth. In order for him to cash in, the company's market cap would need to reach $100 billion. It's currently at $9 billion. 

In January, retail investors, many of whom were organized on Reddit’s r/WallStreetBets, began aggressively buying the stock, which has lost over 34% during the past 12 months.