GameStop to Shutter Hundreds of US Stores Amid Restructuring Efforts

US retailer GameStop is reportedly undergoing a significant restructuring, with hundreds of stores across the country set to close. According to social media reports, as compiled by the GS Closing blog, at least 390 stores have already shut down, with an additional 10 closures pending confirmation. Furthermore, the company's EB Games subsidiary in New Zealand is also facing potential closure, with managing director Shane Stockwell stating that no final decision will be made until a thorough consultation process with affected staff has been completed. GameStop's latest annual report reveals that the company has 38 stores in New Zealand and has already closed 590 US stores in the 2024 financial year, with more closures anticipated in 2025. The retailer has also withdrawn from several international markets, including Ireland, Switzerland, Austria, and Germany, and is seeking buyers for its French and Canadian operations. Meanwhile, CEO Ryan Cohen is set to receive a $35 million performance-based bonus if he can increase the company's market capitalization to $100 billion, a significant challenge given the company's current valuation of $9.52 billion. GameStop's financial performance has been declining, with net sales dropping 27.5% to $3.8 billion between 2023 and 2024, and sales of hardware, accessories, and software experiencing notable declines.