Tuesday, April 1, 2008

Grapevine-based GameStop acquires 49 Free Record locations in Norway

By Pegasus News wire

GRAPEVINE — GameStop Corp., the world's largest video game and entertainment software retailer, today announced that it has agreed to purchase 100% of the outstanding share capital of Free Record Shop Norway.

Photo not provided by Gamestop, Norway

Some locals were nonplussed by the news

Free Record shops in Norway will be transitioned to the GameStop brand, significantly bolstering the company’s presence within the Nordic region. GameStop operates over 5,000 locations worldwide. Following the acquisition of the 49 locations, the company will operate a total of 160 locations throughout Norway, Sweden, Denmark and Finland.

R. Richard Fontaine, Chairman and Chief Executive Officer of GameStop, commented, "We are pleased to have worked with Hans Breukhoven and his entire management team at Free Record Shop to complete this acquisition. We look forward to expanding our productive business model in the Norwegian market and partnering with the knowledgeable and energetic store personnel at Free Record Shop. This transaction is another step in our strategy of bringing move video game stores to growth markets around the world."

Hans Breukhoven, Chief Executive Officer of Free Record Shop Holding, commented, ”Free Record Shop is very satisfied with this agreement and the excellent opportunity that this sale presents us to make further investments to expand and establish our retail position in the Benelux. Besides that we are very pleased that our esteemed sales staff found employment in the GameStop organization and can help them with their planned growth.”

The transaction is expected to close in early April.

Source: Gamestop Corp.

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