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Gamestop/EB Merger Goes Forward October 31
Gamasutra reports that the fund raising we mentioned recently was successful; Gamestop has raised more than $900 Million for the merger with Electronic Boutique. Further, the deal is set to go forward at the end of this month. If it doesn't, the funds will be returned. From the article: "The gross proceeds of the offering were placed into escrow and will be released to the issuers, less applicable discounts, in connection with the closing of the business combination. In the event the business combination does not close by October 31, 2005, the notes will be redeemed."
People still buy stuff in stores? Wow...something new every day.
You'll have that sometimes...
Until there is only one chain I can buy/sell/trade with, driving the price of pre-played games through the roof. Currently, being able to pick up a copy of a 6 year old title up for less than $5 is blasphemy! The data hasn't eroded, and the game still plays the same as it did then! Why not charge slightly less than retail for it?
TGF Ebay.
Colonel Cranium this is Rectal Reconnaissance, we are on a collision course sir, Abort Abort!
... there can be only one.
Shhhhiinnnng.
I think we've only got EBWorld's left around here... all others have fell before them.
Shadus
Will the mandatory goatee and beer gut that all Electronics Boutique employees wear survive the merger? A salesman that's so addicted to gaming that he can only shave half his face is a man I can trust to help me with my game purchases.
Just because Gamestop and EB are consolidating doesn't mean it will be the end of the used game market. There are other companies that have either recently moved in (Blockbuster's Gamerush store-in-store), or are planning on moving in (Best Buy, according to the article linked from slashdot last week). Not to mention all the mom-and-pop game stores and online trading or auction sites.
As far as brick-and-mortar chain retailers go, I'd have to say that my favorite it Blockbuster's Gamerush shop. Unfortunately I moved this past year and no longer am near a Gamerush shop, but in the time that I did buy and sell there, I was very pleased... they always had some sort of promotion on either the buying or selling end, so if I was patient, I could always go there to buy games for less, or sell for more than would ever be offered at GS/EB. Their best deal that every so often they will give an extra $5 on top of the usual trade-in price when you trade 3 or more games, and the best part is that (as far as I can tell) there is NO blacklist of games that they will not buy. You may only get a dollar worth of store credit for a 5-year old sports title, but at least you get SOMETHING for it, and when you trade in your extra-worthless games in bulk during the "extra $5" deal, you can effectively get several times the value for those games. The only restriction that I've run into is that they won't give the extra buyback price if the total value given back is more than their selling price for that title.
For those of you that don't want to bother looking through the archive for what that link should've been to, here it is: http://games.slashdot.org/article.pl?sid=05/09/27/ 2011201&tid=187&tid=98&tid=10
do {print "Mini-Geek Rules!\n";}
until ($TheEndOfTheWorld);
If it leads to consolidation to reduce overlap, then either the EBX or Gamestop in the mall will close, leaving only the local, privately owned "mom n pop" shop and one of the chain stores within a 10 mile area. Can only help the aformentioned local guy who I shop through.
No sig for you!!
Volpone
How does one raise 900 million through "fundraising" that quickly? I somehow doubt it was through selling candy, which what we little high school clubs generally do.