Retailing division of GameStop Corporation offloads Canadian operations

Retailing division of GameStop Corporation offloads Canadian operations

Hear Ye, Hear Ye!

GameStop has officially offloaded its Canadian biz, dubbed Electronics Boutique Canada Inc., to none other than entrepreneur Stephan Tetrault! This juicy piece of info was dropped in a statement on Monday, and honestly, it's about time someone's got the cojones to take control.

So, what's the new name for this Canadian relic? You guessed it! GameStop Canada will rise from its ashes and once again proudly boast its former title as EB Games Canada. With a whopping 185 stores across the Great White North, this revival is nothing to sneeze at.

Stephan Tetrault, our French-Canadian hero, plans to reinvent the way Canadians game, with in-store events, extended product lines, and a focus on the true North strong and free's unique gaming culture. According to him, this isn't just about making a buck—it's about breathing life back into something that Canadians truly cherished.

Curious about the man behind the charisma? Stephan Tetrault is also a co-owner of McFarlane Toys—a toy manufacturer focused on action figures—and Imports Dragon, a game company, as per his LinkedIn profile.

Before you ask, yes, this move was pretty much expected. Back in February, GameStop made a big fuss about wanting to sell its assets in Canada, along with its French business. Ryan Cohen, GameStop's CEO, even threw some shade in an X post, jokingly offering a "DEI package" as a bonus with the purchase.

Want more juicy details? GameStop's decision to sell its international assets follows news that they'll be shuttering a "fair number" of stores in 2025. In 2024, they already closed about 600 U.S. locations.

Their financials haven't been great, either. Their fourth-quarter net sales plummeted 28.5% year over year to $1.3 billion, but net income more than doubled to $131 million. They also divested their operations in Italy and wound down store operations in Germany during the quarter.

In March, GameStop's board voted unanimously to add bitcoin to their treasury reserves, though they acknowledged this could be a risky move due to its volatility. Only time will tell if this gamble pays off!

Sources:[1] en.wikipedia.org/wiki/EB_Games[2] cbc.ca/news/business/gamestop-gaming-retailer-selling-canadian-business-1.6136983

Fun Fact: Did you know that EB Games Canada first opened its doors back in 1994? That's older than half the people reading this! Talk about standing the test of time, eh?

1. Stephan Tetrault, the entrepreneur behind McFarlane Toys and Imports Dragon, has taken control of the Canadian business previously owned by GameStop, now known as GameStop Canada.
2. Tetrault aims to redefine the gaming experience for Canadians with in-store events, a broader product line, and a focus on Canada's unique gaming culture.
3. The Canadian retail industry, particularly the gaming sector, will see changes as GameStop Canada transition into a revitalized business model.
4. The sale of GameStop's Canadian business is part of a larger strategy, as the company announced plans to close a significant number of stores in 2025 and had already closed about 600 U.S. locations in 2024.
5. Financial troubles are not new to GameStop, with their fourth-quarter net sales dropping and their fourth-quarter net income more than doubling compared to the previous year, while they also divested their operations in Italy and shut down store operations in Germany.
6. In an effort to diversify its assets, GameStop's board voted to add bitcoin to their treasury reserves, acknowledging the risks associated with the cryptocurrency's volatility.

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