GAMESTOP CORP., or simply referred to as GAMESTOP, is an American video game , consumer electronics, and wireless services retailer. The company is headquartered in Grapevine , Texas , United States, and operates 7,117 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe. The company's retail stores primarily operate under the GameStop, EB Games, ThinkGeek , and Micromania brands.
In addition to retail stores, GameStop also owns Kongregate , a site for browser-based video games; and _ Game Informer _, a video game magazine ; Simply Mac , an Apple products reseller; and Spring Mobile, an AT&T wireless reseller. It also operates Cricket Wireless branded retail stores as an authorized agent. Cricket is an AT&T brand pre-paid wireless retailer. J. Paul Raines is GameStop's chief executive officer , and Daniel DeMatteo serves as executive chairman.
* 1 Operations
* 2 History
* 2.1 Babbage\'s (1984–1994) * 2.2 NeoStar Retail Group (1994–1996) * 2.3 Babbage’s Etc. (1996–1999) * 2.4 Barnes Kongregate , a digital video game distribution site; and buymytronics.com, a consumer electronics marketplace. Pre-owned and value video games accounted for 47% of GameStop's gross revenue for the fiscal year ending February 2014.
Logo of retailer Software, Etc. on a 5.25" floppy disk branded by the company
GameStop traces its roots to Babbage's, a Dallas, Texas -based software retailer founded in 1984 by former Harvard Business School classmates James McCurry and Gary M. Kusin. The company was named after Charles Babbage and opened its first store in Dallas's North Park Center with the help of Ross Perot , an early investor in the company. The company quickly began to focus on video game sales for the then-dominant Atari 2600 . Babbage's began selling Nintendo games in 1987. The company went public in 1988. By 1991, video games accounted for two-thirds of Babbage's sales.
NEOSTAR RETAIL GROUP (1994–1996)
Babbage's merged with Software Etc., an Edina, Minnesota -based retailer that specialized in personal computing software, to create NeoStar Retail Group in 1994. The merger was structured as a stock swap , where shareholders of Babbage's and Software Etc. received shares of NeoStar, a newly formed holding company . Babbage's and Software Etc. continued to operate as independent subsidiaries of NeoStar and retained their respective senior management teams. Babbage's founder and chairman James McCurry became chairman of NeoStar, while Babbage's president Gary Kusin and Software Etc. president Daniel DeMatteo retained their respective titles. Software Etc. chairman Leonard Riggio became chairman of NeoStar's executive committee.
Gary Kusin resigned as president of Babbage's in February 1995 to start a cosmetics company. Daniel DeMatto, formerly president of Software Etc., assumed Kusin's duties and was promoted to president and chief operating officer of NeoStar. NeoStar chairman James McCurry was also appointed to the newly created position of NeoStar CEO. The company relocated from its headquarters in Dallas to Grapevine later that year.
NeoStar merged its Babbage's and Software Etc. units into a single organization in May 1996 amid declining sales. Company president Daniel DeMatteo also resigned, and NeoStar chairman and CEO James McCurry assumed the title of president. In September of that year, after NeoStar was unable to secure the credit necessary to purchase inventory necessary for the holiday season, the company filed for Chapter 11 bankruptcy. With the filing, NeoStar board member Thomas G. Plaskett became chairman and James McCurry remained company chief executive and president.
The leadership changes were not enough and in November 1996 the assets of NeoStar were purchased for $58.5 million by Leonard Riggio , a founder of Software Etc. and chairman and principal stockholder of Barnes & Noble . Electronics Boutique had also bid to purchase NeoStar, but the judge presiding over NeoStar's bankruptcy accepted Riggio's bid because it kept open 108 stores more than Electronics Boutique's bid would have. Approximately 200 retail stores were not included in the transaction and were subsequently closed.
BABBAGE’S ETC. (1996–1999)
Following his purchase of NeoStar's assets, Leonard Riggio dissolved the holding company and created a new holding company named Babbage's Etc. He appointed Richard "Dick" Fontaine, previously Software Etc.'s chief executive during its expansion in the late 1980s and early 1990s, as Babbage Etc.'s chief executive. Daniel DeMatteo, previously the president of both Software Etc. and NeoStar, became company president and COO. Three years later, in 1999, Babbage's Etc. launched its GameStop brand with 30 stores located in strip malls . The company also launched gamestop.com, a website that allowed consumers to purchase video games online. GameStop.com was promoted in Babbage's and Software Etc. stores.
BARNES "> Gamestop shop front inside a mall
Barnes & Noble purchased Babbage's Etc. in October 1999 for $215 million. Because Babbage's Etc. was principally owned by Leonard Riggio, who was also Barnes & Noble's chairman and principal shareholder, a special committee of independent directors of Barnes & Noble evaluated and signed-off on the deal. A few months later, in May 2000, Barnes & Noble acquired Funco, an Eden Prairie, Minnesota -based video game retailer, for $160 million. Babbage's Etc., which had been previously operating as a direct subsidiary of Barnes & Noble, became a wholly owned subsidiary of Funco. With its acquisition of Funco, Barnes & Noble also acquired Game Informer , a video game magazine that was first published in 1991. Funco was renamed GameStop, Inc. in December 2000 in anticipation of holding an initial public offering for the company.
Barnes & Noble took GameStop public with a February 2002 initial public offering on the New York Stock Exchange . GameStop was listed under the ticker symbol GME. Barnes & Noble retained control over the newly public company with 67% of outstanding shares and 95% of voting shares. Barnes & Noble retained control over GameStop until October 2004, when it distributed its 59% stake in GameStop to stakeholders of Barnes "> A store in Hillsboro, Oregon
GameStop acquired EB Games (formerly Electronics Boutique) in 2005 for $1.44 billion. The acquisition expanded GameStop's operations into Europe, Canada, Australia, and New Zealand. Two years later, in 2007, GameStop acquired Rhino Video Games from Blockbuster for an undisclosed amount. Rhino Video Games operated 70 video game stores throughout the Southeastern United States .
GameStop purchased Free Record Shop 's Norwegian stores in April 2008. The company acquired 49 stores and converted them into video game shops. Daniel DeMatteo replaced Richard Fontaine as GameStop CEO in August 2008. DeMatteo had served as company COO since 1996. Fontaine, who had been GameStop chairman and CEO since 1996, remained the company's chairman. J. Paul Raines, formerly executive vice president of Home Depot , became company COO in September. GameStop acquired Micromania , a French video game retailer, in October 2008 for $700 million. GameStop, which had previously owned no stores in France, now had 332 French video game stores. It also acquired a majority stake in Jolt Online Gaming , an Irish browser-based game studio, in November 2009. Jolt closed in 2012.
J. Paul Raines became GameStop CEO in June 2010. He replaced Daniel DeMatteo who was named executive chairman of the company. GameStop acquired Kongregate , a San Francisco, California -based website for browser-based games; terms of the deal were not disclosed.
GameStop acquired Spawn Labs and Impulse in separate transactions during 2011. Spawn Labs was a developer of technology that allowed users to play video games that were run remotely on machines in data centers rather than their personal computer or console. Impulse was a digital distribution and multiplayer gaming platform. GameStop closed Spawn Labs in 2014.
GameStop purchased BuyMyTronics, a Denver, Colorado -based online market place for consumer electronics, in 2012. Later that year, it acquired a minority interest in Simply Mac, a Utah -based authorized Apple reseller. GameStop acquired the remaining 50.1% interest in Simply Mac in November 2013. GameStop also acquired Spring Mobile, a Salt Lake City, Utah -based retailer of AT&T -branded wireless services, in November 2013. They obtained 163 RadioShack locations as of February 26, 2015, as well. All GameStop stores have been closed down in Puerto Rico at the end of March 2016, citing increased rates of government taxes. On August 3, 2016, it acquired 507 ATborder:solid #aaa 1px">
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