Major Retailer To Shutter 10 Virginia Locations

Major gaming retailer GameStop recently announced plans to shutter nearly 400 stores, including 10 locations in Virginia.

As of January, a list of around 390 GameStop stores were reportedly closed or will be closing later this month, according to the company.

The 10 locations slated for closure in Virginia include:

• Alexandria: 5965 Kingstowne Town Center
• Chantilly: South Riding Market Square, 25050 Riding Plz.
• Dulles: Dulles Town Center, 21100 Dulles Town Ctr.
• King George: King George Gate, 16418 Consumer Row
• Richmond: Shops at Stratford Hills, 7101 Forest Hill Ave.
• Richmond: Staples Mill Square, 9085 Staples Mill Rd.
• South Boston: Shops at Tri Rivers Center, 3459 Old Halifax Rd.
• Sterling: Dulles 29 Plaza, 22000 Dulles Retail Plz.
• Williamsburg: Cedar Valley Shopping Center, 810 E. Rochambeau Dr.
• Woodbridge: Smoketown Station, 13277 Worth Ave.

This isn't the first time GameStop slashed a major number of its stores. In GameStop's December Securities and Exchange Commission filing, the company stated it had already closed 590 stores in fiscal year 2024.

GameStop also noted it "anticipates closing a significant number of additional stores in fiscal 2025." The fiscal year ends on Jan. 31, 2026.

The move is part of a "broad store portfolio optimization" due to market shifts toward digital gaming and "underperformance," the company said. The strategy involves reducing the brick-and-mortar footprint while also exploring new revenue streams, according to the filings.

Earlier this week, the company also revealed details of a new compensation package for CEO Ryan Cohen that is dependent on him meeting certain “significant” performance targets.

In a regulatory filing on Wednesday, the company said that Cohen would have to grow its market capitalization to $100 billion and would need to hit $10 billion in cumulative performance EBITDA — or earnings before interest, taxes, depreciation and amortization — for his award to fully vest.

GameStop said Cohen won't receive any guaranteed pay, which it defines as no salary, no cash bonuses, and no stock that simply vests over time.

“His compensation is entirely ‘at-risk,’ meaning he will only be paid if the company achieves significant market and operational goals,” GameStop said in the filing. “This structure ensures that Mr. Cohen’s incentives are directly aligned with creating long-term value for GameStop’s stockholders.”

The structure is similar to a pay package that Tesla shareholders approved for CEO Elon Musk, in which Musk would receive Tesla stock worth $1 trillion if he hits certain performance targets over the next decade.

Cohen's compensation package with GameStop includes stock options to buy more than 171.5 million common shares for $20.66 each. Shareholders must approve the new pay package at a special meeting in March or April.

The Associated Press contributed reporting. Patch editors Chris Dehnel and Alexis Tarrazi also contributed reporting.