adminGameStop acquisition plans could mark a major change in direction for the video game retailer. CEO Ryan Cohen has said he wants to buy a publicly traded company, with potential targets in the consumer or retail sectors. No deal has been announced, and the company’s stated ambition comes alongside a challenging store-closure program.
Image credit: GameStop
What GameStop has said about a major acquisition
Cohen has described a possible purchase as a large transaction and said he is already considering a number of companies. He characterized the outcome as either “genius or totally, totally foolish,” underscoring the uncertainty involved in a deal of this scale.
His interest is focused on businesses in consumer markets or retail. Cohen also said that some retail companies may have potential that is not being fully realized, pointing to management as one factor he considers when assessing a target. He added that his plans for GameStop extend beyond the changes already made at the retailer.
Funding and the company’s valuation challenge
GameStop has approximately $9 billion in cash and liquid securities, which could provide resources for an acquisition. However, available cash alone does not establish whether a particular deal is affordable or strategically suitable; the price, terms, and financial position of any target would also matter.
Cohen’s potential $35 billion payday is tied to raising GameStop’s market capitalization to $100 billion. At the time of the report, the retailer’s market value was $10.68 billion. Even during the January 2021 meme-stock surge, GameStop’s market capitalization peaked at $33.7 billion. These figures show the scale of the gap, but market values can change and do not guarantee future performance.
GameStop shares rose 3.5% after Cohen’s comments, according to the report. A short-term share-price move does not confirm that an acquisition will happen or indicate how investors will respond to a completed transaction.
Store closures provide important context
The acquisition discussion is taking place as GameStop reduces its retail footprint. Reports at the start of 2026 described a substantial number of planned US store closures. A closure tracker had recorded 470 confirmed US closures at the time of the report.
That figure followed 590 US stores closing during the 2024 financial year. GameStop has also exited Ireland, Switzerland, Austria, and Germany, sold its Italian business, and sought buyers for its French and Canadian subsidiaries.
In New Zealand, the company confirmed that its remaining 38 EB Games stores would close. For customers, store closures can affect where to make in-person purchases or handle returns, so checking current local store information before travelling is a practical step.
What to watch next
GameStop has expressed interest in a major purchase, but the target, timing, and terms remain unconfirmed. Useful developments to monitor include a formal company announcement, details about how a transaction would be financed, and any updates to the retailer’s store strategy. Until those details are public, the GameStop acquisition remains a stated ambition rather than a completed deal.
