Not necessarily. Those shorts exist for a reason: someone thought that gamestop was a bad company. If they are right then the short position won't need to be bought back because at some point the bankruptcy court will decide that the share holders get nothing. At this point all trades on the stock are legally halted and so the IOUs are legally meaningless - anyone who owned stock gets nothing.

Of course the above depends on the short holders to: be right; have the capital to not have to cover their shorts; and be willing to hold on for the ride. I'm not making bets on any of the above.