GameStop To Continue Store Closures, Invest in Bitcoin as Stock Price Trends Upward
Embattled video game and collectibles retailer GameStop has been engaged in a significant turnaround effort with CEO Ryan Cohen at the helm, closing down approximately 1,000 stores worldwide while also recently shuttering its NFT marketplace.
According to CNN, as part of a March 25 regulatory filing, the company announced the planned closure of a “significant number” of additional locations in the near future, although a “specific set of stores has not been identified for closure.”
Further, GameStop announced plans to invest in Bitcoin as a treasury reserve asset, stating that a “portion of our cash or future debt and equity issuances” would be utilized in this fashion.
As a likely result of these two news items concerning…
