GameStop Acquisition of Rhino Confirmed

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Yesterday we reported that game retailer Rhino Video Games has been acquired by leading chain GameStop. Today, former Rhino owner Blockbuster officially announced the deal, with GameStop's purchase expected to close by the end of the month for an undisclosed sum. As today's press release was issued by Blockbuster rather than GameStop, the latter company's plans for Rhino's existing 72 locations, mostly in the Southeastern United States, were not outlined. Our existing information indicates that the 4,633-location GameStop plans to convert Rhino stores to the GameStop format.

"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," said GameStop chairman and CEO R. Richard Fontaine in a statement. "Furthermore, the Rhino business model, and a very game oriented management team, will fit seamlessly into the GameStop culture."

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From The Chatty
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    January 5, 2007 8:25 PM

    Wow, that's the best stream of meaningless business speak I've heard in a long time. Do these people realize how they sound?

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