Folks in Norway who preferred buying video games at the local Free Record Shop instead of GameStop will soon have no real choice in the matter, as GameStop announces an agreement to purchase 100% of the Norwegian branch of the popular retailer. All 49 FRS locations throughout Norway will undergo rebranding once the transaction closes early next month. Says GameStop CEO, Dick Fontaine:
"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 more video game stores to growth markets around the world."
Not sure how rebranding existing video game stores are GameStop counts as "bringing more", but then I suppose I am not the CEO of a large company. Free Record Store also has locations in The Netherlands, Belgium, Luxembourg, and Finland, though it wouldn't surprise me if this agreement were only the first step in a move to acquire those as well.
GameStop to Acquire 49 Free Record Locations in Norway
Global Video Game Retailer Strengthens its Nordic Market Position
GRAPEVINE, Texas—(BUSINESS WIRE)—GameStop Corp. (NYSE: GME), 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.
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 more 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 organisation and can help them with their planned growth."
The transaction is expected to close in early April.