GameStop Corp. said today it had successfully completed an offering to the investment community that raised $950 million aggregate principal via Senior Float Rate Notes and Senior Notes. The proceeds will be used to pay the cash portion of the merger consideration, or cost, to acquire Electronics Boutique Holdings Corp. The two companies announced a merger in April 2005. The transaction is still subject to stockholder approval, which is scheduled to take place in a joint shareholder meeting on October 6, 2005.
I guess this will soon be the end for one of the last decent video game stores, now that CrapStop is getting ahold of them. It's a shame, really. Bluejay used to work at GameStop and told me once their plan was to phase out all computer games from their store. I thought he was nuts, since people buy lots of computer games all the time, but I'll be damned if I didn't walk into GameStop the other day and find that they removed their PC game area. That's like when G4 bought TechTV then removed all the tech. What kind of dumbert came up with this idea?
Possibly it's the same one who decided to sell used games at roughly two dollars less than the price of a new copy. PURE BRILLIANCE I TELL YA.
Anyways it's a shame, but I guess GameStop will drive EB Games into the ground now. We'll all end up going to like Sears or something to buy PC games.