Video game retailer GameStop has announced plans to "pursue a sale" of its operations in France and Canada, in the latest setback for the company's international business. According to a brief press release posted to the GameStop website (via the Toronto Star) the move comes in the wake of an "evaluation of its international assets".
An SEC filing made in February last year stated GameStop had a total of 332 stores in France, and 203 retail outlets in Canada. No specific reason was given for the sale, but in a bizarre statement on X, Gamestop CEO Ryan Cohen seemed to take issue with the progressive nature of both countries. Requesting emails from individuals interested in "buying GameStop Canada or Micromania France", Cohen added that "High taxes, Liberalism, Socialism, Progressivism, Wokeness and DEI included at no additional cost if you buy today!"
Setting aside the unprofessional nature of Cohen's statement, it's bizarre to see a CEO advertise the sale of part of his business by highlighting all the things he thinks is bad about it. It's like a market stall hawker yelling "Come and buy my apples, a free worm in every bite!". Here, of course, the worms are entirely imagined, but even if they weren't, you don't promote the fact. It's a deeply irrational and counterproductive mindset.
The reality is that the physical side of GameStop's business has been in steady decline for a while. In 2019, GameStop closed around 200 stores in an attempt to "reboot" the company. GameStop's fortunes briefly rose due to its 2021 stock surge, but shares quickly plummeted following that initial spike.
Meanwhile, GameStop has continued to close physical stores worldwide. According to a separate SEC filing posted in December (via The Hill) GameStop shuttered its stores in Ireland, Switzerland and Austria in 2023, and initiated plans to wrap up its retail operations in Germany in 2024.
