Alexa

Blockbuster sells Games Station to The Game Group for about $150 million in cash

Blockbuster sells Games Station to The Game Group for about $150 million in cash

Video game and movie rental chain Blockbuster Inc. said Wednesday it sold Games Station Ltd., a specialty games retailer in the United Kingdom, to European game retailer The Game Group PLC for about $150 million (euro110 million) cash.
The purchase price is subject to certain adjustments.
"While we believe Gamestation is positioned for ongoing success, today's announcement underscores our intent to focus on our Blockbuster-branded assets in North America in support of our goal to grow our overall share of the video rental market, both in-store and online," Chairman and Chief Executive John Antioco said in a statement.
Blockbuster said it plans to use most of the proceeds from the sale to pay down outstanding debt.
Blockbuster bought Games Station, which offers new and pre-owned video games, in October 2002.


Updated : 2021-02-28 14:33 GMT+08:00