Technologically, the world has grown very fast and very rapidly. A big part of technological growth involves computers which have been used all over the world for so many years. Computers are being used for so many purposes, some of which I am sure that I am not aware of. But obviously, there are reasons for which we all know of as to why computers are widely used nowadays.
People use computers to communicate, they use computers for business, and they use computers for entertainment. One of the most common methods is playing games. The gaming industry has grown rapidly and very fast. The growth of the gaming industry is facilitated by many big companies, such as GameStop.
GameStop is an American consumer electronics, video game, and gaming merchandise retailer. This company is very big, and it has around 5,830 retail stores throughout the United States of America, Canada, Australia, New Zealand, and Europe. The company headquarters are located in Grapevine, Texas, a suburb of Dallas. The company’s retail stores chiefly operate under the GameStop, EB Games, ThinkGeek, and Micromania-Zing brands. In addition to the retail stores, GameStop also owns Game Informer, a video game magazine.
The company has gained a lot of popularity over the years and has become very successful. The company has been making headlines all over the world, especially in the gaming industry. The success of the company is quite undeniable.
GameStop can be traced back to Babbage’s, a Tucson, Arizona-based software retailer, which was founded in1984. It was founded by former Harvard Business School classmates James McCurry and Gary M. Kusin. The company was named after Charles Babbage and opened its first store in Dallas’s North Park Center. The company placed its focus towards focusing on video game sales for the then-dominant Atari 2600.
In 1994, the company merged withSoftware Etc. To form the NeoStar Retail Group. They did this as a stock swap where the shareholders from both companies received shares from Neostar. Both companies continued running as individual subsidiaries with James McCurry as the chairman of NeoStar and Gary Kusin and Daniel DeMatteo retaining their titles.
In October 1999, Barnes and Noble Booksellers purchased Babbage’s, Etc. for $215 million. Because Leonard Riggio was Barnes and Noble’s chairman and principal shareholder, a special committee of independent directors of Barnes and Noble Booksellers evaluated and signed off the deal.
In May 2000, Barnes and Noble acquired Funco, an Eden Prairie, Minnesota-based video game retailer for $160 million. With the acquisition of Funco, Barnes and Noble acquired Game Informer, a video game magazine. In December 2000, Funco was renamed GameStop Inc. in anticipation of holding an initial public offering for the company. GameStop acquired EB Games for $1.44 billion in 2005.
This expanded GameStop’s operations into Europe, Canada, Australia, and New Zealand. In 2007, they acquired Rhino Video Games from Blockbuster. GameStop later acquired Free Record Shop’s Norwegian Stores in 2008. In August 2008, Richard Fontaine was replaced as GameStop CEO by Daniel DeMatteo, who had served as the COO since 1996, but Fontaine still remained the company’s chairman.
In October 2008, GameStop acquired Micromania, a French video-game retailer for $700 million. This purchase gave GameStop 332 game stores in France, and also in November 2009, they acquired a majority stake in Jolt Online Gaming, an Irish browser-based game studio.
In June 2010, J. Paul Raines became the CEO of GameStop and replaced Daniel DeMatteo, who became the executive chairman of the company. Once again, in 2011, GameStop purchased Spawn Labs and Impulse in separate transactions. The company has been having a successful run throughout its existence until 2016 when they started having some troubles here and there.
The GameStop Company is truly one of a kind. It has had a lot of success over the years, which are easily proven by the number of companies that GameStop has bought out. GameStop has a lot of retail stores around the world. The company carries out its operations by dividing itself into two operating segments. The two brands are Video Game Brands and Technology Brands. The Technology Brands houses the companies Simply Mac, Spring Mobile, and Cricket Wireless. On the other hand, GameStop’s Video Game Brands Segment includes businesses such as video games and consumer electronics retail shops.
Awards & Achievements
GameStop is undeniably a successful company with a lot of success. The company owns retail stores all over the world, and it has really paid off. The company obviously has had a lot of monetary gains because of their success. For their success, the company needs worldwide recognition and awards for what it has achieved. Although the company does not yet have any recognizable awards, its achievements cannot be overlooked.
Net Worth of GameStop in 2021
Game Stop is an extremely successful gaming software company. For this reason, it has had some monetary rewards that are undeniably amazing. The company has been making huge profits despite facing a few challenges here and there. As of October 2021, The current estimated net worth of the company about $5 billion.
GameStop has really done a lot for the growth of the entertainment industry. The company has established retail stores all over the world and has immensely earned a lot during their years in operation. The success earned by the company is huge despite the fact that they faced a number of challenges, especially during the latter years of their operation.