A December 2025 GameStop SEC filing revealed that the struggling video game retailer planned to close a “significant number” of brick-and-mortar stores during its FY 2025, which ends Jan. 31, 2026. Reports from Fast Company and other media outlets indicate that up to 200 locations will be shuttered this month, following the closure of 590 U.S. stores during FY 2024.
GameStop also unveiled a performance-based compensation package for Chairman and CEO Ryan Cohen that could total as much as $35 billion. The package is designed to incentivize Cohen, who was named CEO in September 2023, to grow the company’s market capitalization to $100 billion from its current $9.3 billion.
GameStop also would need to achieve $10 billion in Cumulative Performance EBITDA for Cohen’s award — which will be based solely on stock options to purchase 171,537,327 shares of the company’s Class A common stock at a price of $20.66 per share — to fully vest. The package, which must be approved by GameStop shareholders, includes no guaranteed pay via salary, cash bonuses or stock that simply vests over time.
Multiplying the company’s market cap by more than 10X is an ambitious goal, especially considering the retailer’s current financial and business position. For Q3 2025, which ended Nov. 1, 2025, GameStop achieved net sales of $821 million, down 4.6% from the $860.3 million generated during the same period the previous year. Over the past few years, the retailer also has shed its international operations in Austria, Ireland, Switzerland, Germany, Italy and Canada, and is working on a plan to sell its operations in France.
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Additionally, according to Reuters, the company’s annual revenue has dropped more than 35% since 2022, and its stock price is down 80% from the all-time highs hit in 2021, when GameStop became a retail investor darling during the pandemic-era meme-stock rally.
