Business

GameStop to rebrand EB Games in Canada by year-end

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A GameStop store is seen in the Jackson Heights neighborhood of New York City, New York, U.S. January 27, 2021. REUTERS/Nick Zieminski//File Photo

July 28 (Reuters) - GameStop Corp (GME.N) said on Wednesday that Canadian stores of its subsidiary EB Games will assume the videogame retailer's brand and name by the end of the year.

Grapevine, Texas-based GameStop had acquired EB Games' owner Electronic Boutique Holdings Corp in 2005 for more than $1 billion.

EB has about 4,000 stores across Canada, with operations in Australia, New Zealand, and countries across Europe, according to its LinkedIn page.

"This decision follows our receipt of feedback from our valued customers and stockholders," GameStop said.

The company has been looking to shift its focus from brick-and-mortar sales and accelerate its e-commerce push. Its largest shareholder, Ryan Cohen, joined its board in January and became chairman last month with a plan to revive stores and boost online sales.

Separately, S&P Dow Jones Indices said on Tuesday that GameStop — one of the hottest and most visible "meme stocks" — will join the S&P MidCap 400 index next week.

Reporting by Eva Mathews in Bengaluru; editing by Uttaresh.V

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