GameStop to Close Locations in New York
GameStop has revealed plans to shut down around 30 locations in New York as part of a larger initiative that will see over 470 stores closed nationwide by the end of the month.
This closure affects various areas across New York State, from New York City and Long Island to Westchester and upstate, impacting both mall and standalone stores.
In NYC, several GameStop branches across the five boroughs are expected to lose power soon, based on public info regarding recently shuttered locations from the company’s official site.
As for the South Bronx, that store has already closed, and others in Bensonhurst, Brownsville, and Downtown Brooklyn are set to follow suit later this month.
Long Island isn’t safe either, with closures in Valley Stream, Rosedale, and West Islip also on the list.
The company has already shut its stores in White Plains and Yonkers at Cross County Center.
Upstate New York and suburban areas have a significant presence on the closure list, which includes Buffalo, Rochester, Middletown, and several more towns.
These closures are part of a broader plan as GameStop approaches the end of its fiscal year on January 31.
Stores in 43 states are scheduled to close this month, marking one of the most extensive retail scaling down in the company’s history.
This January round adds to the earlier closure of 590 U.S. stores in the previous fiscal year.
With these recent developments, GameStop has now decided to shut down over 1,000 stores in roughly two years, considerably shrinking its once-impressive network.
At its peak, the retailer boasted over 6,000 locations. After these closures, GameStop will likely operate with less than 2,000 stores.
Despite the scale of these shutdowns, GameStop has largely refrained from public commentary. Individual store closures are being confirmed via the company’s online search tool and local news outlets.
In a December filing with the Securities and Exchange Commission, GameStop indicated plans for even more store closures in fiscal 2025 as part of optimizing its store portfolio.
The latest financial report released in December showed net sales dropped from $860 million to $821 million year-over-year, yet net income did improve to $77.1 million.
This situation comes after GameStop gained fame during the meme stock phenomenon of 2021, when a flurry of retail trading sent its stock soaring and caught Wall Street’s attention. Although this created a brief influx of capital, it didn’t resolve the underlying challenges facing the company’s physical stores.
