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GameStop to Close 'Significant Number' of Stores, Will Invest Heavily in Bitcoin

GameStop, the struggling video game retailer, has announced plans to close a "significant number" of its stores as the company looks to restructure and invest in new initiatives.

The move comes as GameStop continues to face significant challenges in the wake of the COVID-19 pandemic and the shift towards online gaming. The company has been working to adapt to these changes, including investing in e-commerce and digital game sales.

In a statement, GameStop said it will be closing a "significant number" of its stores, but did not provide a specific number. The company said the closures will help it to focus on its most profitable locations and invest in new initiatives, including a significant investment in Bitcoin.

"We are taking bold actions to ensure the future success of GameStop," said GameStop CEO, Matt Sandler. "Closing a significant number of stores will allow us to focus on our most profitable locations and invest in new initiatives that will drive growth and profitability."

GameStop's decision to invest in Bitcoin is a significant one, as the cryptocurrency has seen significant growth in recent months. The company said it will be using Bitcoin to make payments and settle transactions, and will also be exploring the use of blockchain technology to improve its supply chain and inventory management.

The news has been met with mixed reaction from investors and customers, with some welcoming the move as a sign of innovation and adaptability, while others have expressed concerns about the impact on jobs and the future of the company.

GameStop has been struggling in recent years, with the company's stock price declining significantly. The company has been working to turn things around, including investing in e-commerce and digital game sales, but the move to close stores and invest in Bitcoin is seen as a major shift in the company's strategy.

The closures are expected to take place over the next several months, and GameStop has said it will provide more information on the affected stores and employees in the coming weeks.