×
You will be redirected back to your article in seconds

GameStop Might Reinvest in Core Gaming After $700 Million Spring Mobile Sale

GameStop will use proceeds from the recent $700 million sale of its Spring Mobile business to reduce outstanding debt, repurchase shares, or reinvest in the core gaming and collectibles business. The company announced the completion of the sale for the mobile company, which owns and operates 1,289 AT&T wireless stores, on Wednesday.

Spring Mobile was purchased by Prime Communications.

“We are pleased to successfully complete this transaction and begin 2019 with an increased focus on the video game industry and the rapidly-growing collectibles space. These are areas where we are well positioned to leverage the GameStop brand and capitalize on our competitive position,” said Dan DeMatteo, executive chairman of GameStop’s board of directors.

GameStop, along with its board of directors and outside financial advisors will continue to conduct an ongoing review of “strategic and financial” alternatives to boost shareholder value. This review will also determine exactly how proceeds from the sale will be used.

The company first entered into a definitive agreement to sell off the Spring Mobile business in November 2018. Despite being the largest brick-and-mortar games retailer in the U.S., the company has struggled with its relevance in an era of digital game sales and popular online retailers like Amazon which offers more competitive pricing and direct shipment to consumers.

More Gaming

  • jfk mooonshot ar app artwork

    JFK Presidential Library Releases Moon Landing Augmented Reality App

    The John F. Kennedy Presidential Library has released an augmented reality app (AR) to commemorate the 50th anniversary of the moon landing, and the role President Kennedy played in getting the U.S. to the moon. The app, which is available for free for iPhones and Android, lets users relive the Apollo 11 mission in their [...]

  • 'Ni no Kuni: Wrath of the

    'Ni no Kuni: Wrath of the White Witch' Is Still a Fantastic Anime Adventure

    Six years after it’s original release “Ni no Kuni: Wrath of the White Witch” is coming back with a Nintendo Switch version and remastered edition on PS4 and PC. It’s time for more long-winded, adorable JRPG action. It’s odd since comparing the new version of the Level-5 developed classic with the original game is pointless [...]

  • ‘Dragon Ball Z: Kakarot’ Highlights The

    ‘Dragon Ball Z: Kakarot’ Highlights The Mundane Side of The Anime

    There have been dozens and dozens of games based on the popular anime “Dragon Ball Z.” While most focus on recreating the series’s electric fight scenes, very few have explored the more mundane and humorous aspects of the characters’ lives. Fortunately, “Dragon Ball Z: Kakarot” (releasing on PlayStation 4, Xbox One, and PC in 2020) [...]

  • 'Empire of Sin' is a Bloody,

    'Empire of Sin' is a Bloody, Strategic Take on the Criminal Underworld of 1920s Chicago

    When Paradox Interactive and Romero Games announced their new strategy game, “Empire of Sin,” some fans may have been disappointed. They could have wanted another intensely violent and fast-paced game from John Romero, one of the original creators of “Doom.” They shouldn’t be though as ‘Empire of Sin’ is a deep, violent take on criminal [...]

  • 'Marvel's Avengers' is Crystal Dynamics' Indistinct

    'Marvel's Avengers' is Crystal Dynamics' Indistinct Take on a Comic Classic

    After 22 films in the leadup to “Avengers: Endgame,” the culmination of everything the Marvel Cinematic Universe built up towards, you’d think any other take on the classic team of superheroes would fall flat on its face. New faces would be eclipsed by the likes of Chris Evans’ perfect Captain America, Robert Downey Jr.’s dashing [...]

  • The Inner Machinations of John Wick's

    The Inner Machinations of John Wick's Mind

    Many games have you play as a character but very few let you inhabit their psyche. That’s the aim behind “John Wick Hex,” a strategy game that puts you inside the scenarios found by the titular movie character. And if a choreographed action sequence is nothing more than a combination of well thought out punches [...]

More From Our Brands

Access exclusive content