GameStop is a specialty retailer selling video games, gaming hardware and accessories, and collectibles through physical stores and ecommerce. GameStop operates roughly 2,200 stores globally across the U.S., Australia, and Europe (primarily France under the Micromania brand), mostly in strip centers and malls. A key part of GameStop's offering is its trade-in program, where customers bring in used games, consoles, or trading cards in exchange for cash or store credit, which GameStop then refurbishes and resells as pre-owned product. Pre-owned products carry higher margins than new products, where GameStop acts essentially as a pass-through distributor for console makers and publishers. GameStop's business is seasonal, with roughly 30% of annual sales in Q4. Beyond retail, GameStop is explicitly repositioning itself as an investment vehicle. The company holds significant cash and management is actively looking to deploy it into acquisitions or control transactions with no restriction on industry. GameStop's investment policy permits holdings in equities, fixed income, and Bitcoin, and the Board has delegated investment authority to an Investment Committee led by Chairman and CEO Ryan Cohen. GameStop has significantly contracted its store footprint in recent years, closing stores across the U.S. and exiting multiple international markets, and is currently in the process of selling its France operations.