GRAPEVINE, Texas, Jan. 16, 2019 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) today announced that it has completed the previously disclosed sale of its Spring Mobile business to Prime Communications, L.P. for $700 million, excluding transaction fees and customary working capital and indebtedness adjustments. Spring Mobile owns and operates 1,284 AT&T wireless stores.
The Company, its board of directors, together with outside financial advisors, continues to conduct an on-going comprehensive review of a full range of strategic and financial alternatives to enhance shareholder value. Use of proceeds from the sale will be determined in conjunction with the completion of that review and may be used to reduce the company’s outstanding debt, fund share repurchases, reinvest in core video game and collectibles businesses to drive growth, or some combination of these options.
Dan DeMatteo, executive chairman of GameStop’s board of directors, said, “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,”
The Company also announced that it anticipates reporting holiday 2018 sales results before the market opens on Friday, January 18, 2019.
About GameStop
GameStop Corp., a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game and consumer electronics retailer. GameStop operates over 5,800 stores across 14 countries. The company's consumer product network also includes www.gamestop.com; Game Informer® magazine, the world's leading print and digital video game publication; and ThinkGeek, www.thinkgeek.com, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products, and Simply Mac, which sells the full line of Apple products, including laptops, tablets, and smartphones and offers Apple certified warranty and repair services.
