"GameStop CEO Ryan Cohen is in line to potentially earn $35 billion in stock options, so long as the company hits a $100 billion market cap. One way to hit that target is by cutting costs, and one way of cutting costs is to close down a bunch of stores. The company closed 590 stores in fiscal year 2024, and said in a recent SEC filing that it anticipates "closing a significant number of additional stores in fiscal 2025.""
"As of Sunday, January 11th, the list of planned closures is at 435 stores across 42 states. As of February 2025 the company was operating 2,325 stores in the US, so that represents a significant reduction in its retail presence. And this comes as the company is largely winding down its international operations, having already left Canada, Germany, Austria, Ireland, Switzerland, and Italy, with plans to exit France within the next 12 months."
"And this comes as the company is largely winding down its international operations, having already left Canada, Germany, Austria, Ireland, Switzerland, and Italy, with plans to exit France within the next 12 months. To say the company has had a tumultuous few years would be an understatement. However, it appears to have turned its fortunes around recently. And despite that, it will leave thousands unemployed. But hey, at least the CEO might get his billions."
GameStop CEO Ryan Cohen stands to potentially earn $35 billion in stock options if the company reaches a $100 billion market capitalization. Management plans to cut costs through large-scale store closures. The company closed 590 stores in fiscal 2024 and disclosed an expectation of "closing a significant number of additional stores in fiscal 2025." A closure-tracking blog lists 435 planned closures across 42 states as of January 11. As of February 2025 GameStop operated 2,325 US stores, so planned closures represent a major retail reduction. The company is exiting multiple international markets and plans to exit France within 12 months, resulting in thousands of job losses.
Read at The Verge
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