GameStop Reportedly Plans Another Major United States Store Closure Wave as CEO Incentive Package Sparks Backlash

GameStop is reportedly preparing to shut down hundreds more United States stores, according to a growing wave of location level reports that have been circulating across social media and compiled into an unofficial public tracker. The independently maintained GameStop Closing List currently aggregates a large January 2026 closure wave and notes that it is not affiliated with GameStop, describing its list as compiled from publicly visible store locator information.

While the exact final count is difficult to validate in real time because store status can change quickly, the tracker’s January 2026 entry lists 471 confirmed locations marked as closing or already closed. If that number holds, it would represent a significant continuation of what GameStop has already described in official filings as an ongoing effort to reshape its footprint and cut underperforming locations.

This is also not coming out of nowhere. In its Form 10 K annual filing published in February 2025, GameStop told investors it had launched a store portfolio optimization review and that this process resulted in 590 United States store closures in fiscal 2024, while explicitly stating it anticipated closing a significant number of additional stores in fiscal 2025. That language matters because it frames the latest closure chatter as an extension of an already stated plan rather than a sudden pivot, even if the pace and timing remain disruptive for employees and local communities.

The anger from staff and longtime customers is being amplified by the timing of executive compensation headlines. Reports circulating this week claim GameStop has structured a performance based stock option award for chief executive officer Ryan Cohen that could reach a headline figure of up to $35 billion, depending on whether major market capitalization and cumulative performance targets are hit over the long term. The core pushback is not simply the size of the number, but the optics of large potential executive upside landing near another round of store level contraction and job risk, especially as the industry continues its ongoing shift toward digital distribution and away from physical retail dependency.

Beyond the United States, GameStop’s footprint strategy has already been shifting internationally. Its February 2025 filing outlines exits from Ireland, Switzerland, and Austria, a shutdown of store operations in Germany, and a sale of its Italian subsidiary, along with plans announced on February 18, 2025 to pursue a sale of its operations in France and Canada. The broader direction is clear: fewer stores, fewer regions, and a tighter operational model designed to protect profitability targets.

That international contraction narrative is also visible in Oceania. New Zealand outlet RNZ reported on January 6, 2026 that EB Games is proposing to shut down its New Zealand business and close all remaining stores, describing the proposal as not final and subject to a consultation process. RNZ also reports there are 38 stores in New Zealand and that EB Games has been owned by GameStop since 2005. If that proposal proceeds, it would further reinforce the pattern of GameStop narrowing its global physical retail exposure as consumer purchasing behavior continues to move toward digital storefronts and direct platform ecosystems.

Strategically, this is a classic portfolio optimization play: reduce fixed costs, consolidate to higher performing locations, and attempt to re base the business around categories that can still drive margin. The risk is that every closure wave also reduces mindshare, community presence, and the very foot traffic that historically kept trade ins, pre orders, and impulse accessory sales flowing. For gamers and collectors, the near term outcome is likely fewer local options for physical pickup, midnight style community moments, and in person browsing, while GameStop continues to search for a sustainable identity in a market that increasingly does not require a dedicated retail middle layer.

Do you think GameStop can realistically reinvent its retail model while closing hundreds of stores, or is this simply a controlled wind down of physical presence as the industry goes fully digital?