GameStop Canada bought by Quebec toy maker, to be rebranded EB Games

cross-posted from: https://lemmy.ca/post/43515666

TORONTO — GameStop Canada says it has been acquired by French-Canadian entrepreneur Stephan Tetrault from the video game retailer’s struggling parent company. > > Officially named Electronics Boutique Canada Inc., GameStop Canada says it will relaunch its 185 stores as EB Games Canada — a name associated with retail gaming from bygone decades. > > Tetrault is the founder of Montreal-area-based toy manufacturer Imports Dragon and co-owner of American action figure-maker McFarlane Toys, and last month became a partner at Canadian chain Mastermind Toys. > > U.S.-based GameStop Corp. said in February it was looking to sell its Canadian and French operations as it evaluates its international assets and doubles down on cost-cutting. > > GameStop was one of the companies at the centre of the “meme stock” craze on Wall Street, which saw struggling brands’ share prices soar as retail investors made risky bets. > > Its sales last year declined 27 per cent to $3.82 billion, though net income shot up to $131.3 million versus $6.7 million in 2023.