GameStop purchases the Rhino Video Games retail chain from Blockbuster.
Blockbuster confirmed that it has sold its videogame retail chain, Rhino Video Games, to GameStop for an undisclosed sum. Rhino operates 72 outlets across the southeastern U.S. John Antioco, the CEO and chairman of Blockbuster, said the sale of Rhino was "in line with our goal to maintain focus on our Blockbuster-branded assets." The deal is expected to close by the end of the month.
GameStop chairman and CEO Richard Fontaine added, "The integration of the Rhino group into the growing portfolio of GameStop stores will result in operating synergies while being accretive to earnings. The location of most Rhino stores do not overlap existing GameStop sites, and primarily serve secondary and tertiary markets where we have been very successful. Furthermore, the Rhino business model, and a very game oriented management team, will fit seamlessly into the GameStop culture."