News outlets in multiple states are reporting this week that locations of the go-to video game retailer GameStop have closed. Previously, the company announced plans to shutter brick-and-mortar locations.
GameStop is headquartered in Grapevine, Texas, and was founded in 1996, according to Yahoo Finance. Its stores became the main destination to find video games and other gaming related products and in 2021 it became a symbol of the meme-stock craze, as The Independent noted this week.
In 2020, current GameStop Chairman and CEO Ryan Cohen – the founder of online Chewy pet supplies stores – spent about $76 million buying a 13% stake in the company, per Forbes. He urged management to restructure “the ailing brick-and-mortar,” side of the business at the time.
Recent data from Adobe Analytics indicates that video game sales are increasing, especially online. Adobe’s holiday season 2025 spending report found that video games, consoles and electronics were are all key drivers of holiday spending, with online sales of video games up 415% compared to pre-season spending levels measured last October.
Cohen joined the GameStop board in 2021, around the time Reddit traders coordinated a massive surge in the stock’s price. This week, GameStop announced in an SEC filing that Cohen was granted a performance-based stock option award “designed to incentivize Mr. Cohen to achieve extraordinary growth.”
CNN reported that the award could increase Cohen’s wealth by $35 billion. However, it comes with a caveat.
“In order for the award to fully vest, the Company’s market capitalization would have to grow to $100 billion and the Company would need to achieve $10 billion in Cumulative Performance EBITDA (earnings before interest, taxes, depreciation and amortization),” said the filing. Additionally, it said that “under the award, Mr. Cohen receives no guaranteed pay – no salary, no cash bonuses, and no stock that vests simply over time,” with his compensation entirely “at-risk,” or dependent on the company’s success
Another SEC filing said that GameStop planned to reduce its global store base as part of its “profitability initiative,” and that the process would include “closing stores that are not meeting performance standards or stores at the end of their lease terms with the intent of transferring sales to other nearby locations.” That information was included in a section labelled “Strategic Retail Risks” and the company acknowledged that operations could be “negatively impacted” by the plan if customers don’t start shopping at those nearby stores.
“We have also initiated a comprehensive store portfolio optimization review which involves identifying stores for closure based on many factors, including an evaluation of current market conditions and individual store performance,” said GameStop in the filing. “This review, among other things, resulted in the closure of 590 stores in the United States in fiscal 2024. While this review is ongoing and a specific set of stores has not been identified for closure, we anticipate closing a significant number of additional stores in fiscal 2025,” which actually runs through the end of this month.
A blogspot website that is not affiliated with the business is currently tracking reported closings.
CBS reported this week that several GameStop stores were closing in Massachusetts this month. The Columbus Dispatch reported that several stores in Ohio are closing too. WCAX said stores in Vermont, New York and New Hampshire will also close.
The Independent cited a Facebook post from another location that reportedly closed in Topsham, Maine.
“Due to circumstances outside of our control, today ended up being our final day of sales, a bit earlier than we had hoped. I’m truly sorry that we didn’t get more time with the community to say goodbye properly,” said the post. “This store has never just been just a store to us. It’s been a place built on people, shared memories, and a community that showed up for us time and time again. We are so incredibly grateful for the love and support we’ve felt here over the years.”
According to The Independent, reports from customers and local media also suggest that stores in Illinois, New York, Kansas, Kentucky, Connecticut, and Minnesota “are among those that either have already or are preparing to shut their doors.” The Independent reached out to company representatives for comment.
While GameStop’s shares reached highs in that 2021 meme era, the outlet noted that they have remained volatile in the following years. Fast Company reported that GameStop stock declined 36% over the past 12 months.
It also reported that GameStop – which has 6,000 full-time employees, per Yahoo Finance – has not published its own list of stores that are expected to close and did not respond to its requests for additional details.