GameStop Expands In Nordic Region With 'Free Record' Buyout

Video game retailer GameStop has announced it will acquire all outstanding share capital of Scandinavian entertainment retail chain Free Record Shops, transitioning all its locations to the GameStop brand. Through the agreement, expected to close in early April 2008, GameStop will gain an additional 49 stores in the region, bringing its presence in Norway, Sweden, Denmark and Finland to 160 stores total. GameStop recently saw a record $7.1 billion in sales for the fiscal year ending 2007, an increase of 33 percent, with a a 24.7 percent increase in store sales over the year previous. It expects sales to continue growing 19 to 21 percent in 2008. GameStop chairman and CEO R. Richard Fontaine commented, "We are pleased to have worked with Hans Breukhoven and his entire management team at Free Record Shop to complete this acquisition. We look forward to expanding our productive business model in the Norwegian market and partnering with the knowledgeable and energetic store personnel at Free Record Shop. This transaction is another step in our strategy of bringing move video game stores to growth markets around the world."