GameStop to Close 30 Stores in New York
GameStop is set to shutter around 30 locations in New York as part of a broader nationwide closure plan. By the end of the month, at least 470 stores are anticipated to be impacted.
The closures in New York encompass various areas, including New York City, Long Island, Westchester, and the Hudson Valley, covering both malls and independent stores. Notably, several locations in New York City are confirmed to close; the South Bronx store has already shut its doors, while closures in Bensonhurst, Brownsville, and Downtown Brooklyn are expected later this month.
This wave of closures aligns with the company’s strategy as it wraps up its fiscal year, which concludes on January 31st. In total, stores across 43 states will be closing. States seeing notable shutdowns include Texas, Florida, Pennsylvania, and California.
These closures follow a previous fiscal year when GameStop closed 590 stores across the country, contributing to a disturbing trend where over 1,000 stores will have closed within just two years.
At its height, GameStop operated more than 6,000 locations globally. However, after the closures set for January, it is projected that fewer than 2,000 will remain.
In a recent filing with the Securities and Exchange Commission, GameStop indicated that additional store closures are on the horizon for fiscal 2025, as part of a broader optimization review.
Interestingly, the company’s latest quarterly earnings report revealed a net income increase to $77.1 million, though net sales dipped to $821 million from $860 million the previous year.
