Walmart Abandons Brick-and-Mortar Strategy, Invests Heavily in E-commerce and Cryptocurrencies

GameStop Plans to Invest in Bitcoin, Close Significant Number of Stores

In a surprise move, troubled electronics retailer GameStop announced Tuesday that it plans to invest in Bitcoin, the popular cryptocurrency. The company also revealed that it will be closing a significant number of its stores across the country.

According to a filing with the Securities and Exchange Commission, GameStop will be investing $100 million in Bitcoin, in an effort to diversify its assets and potentially generate new revenue streams. The investment is expected to be made through a partnership with a third-party cryptocurrency firm.

The news comes as GameStop continues to struggle with declining sales and profitability. The company has been forced to close hundreds of stores in recent years, and its stock price has plummeted.

In addition to the investment in Bitcoin, GameStop also announced that it will be closing a significant number of its stores across the country. The company did not provide a specific number of stores that will be closed, but said that the move is intended to help it "streamline its operations" and reduce costs.

The closures are expected to be completed by the end of the year, and will result in the loss of approximately 1,000 jobs. The affected employees will be offered severance packages and outplacement assistance.

The news sent GameStop's stock price plummeting, with shares falling by as much as 15% in early trading.

The move to invest in Bitcoin and close stores is seen as a major shift for GameStop, which has traditionally focused on selling physical products such as video games and electronics. The company is hoping that the investment in Bitcoin will help it to tap into the growing market for cryptocurrencies, and potentially generate new revenue streams.

However, the move has also raised concerns among investors and analysts, who worry that the company is spreading itself too thin and taking on too much risk. GameStop's decision to invest in Bitcoin and close stores is seen as a major gamble, and it remains to be seen whether the company will be able to successfully navigate this new strategy.