Blockbuster agrees to sell Rhino videogames to GameStop |
Blockbuster Inc. a global provider of in-home movie and game entertainment, has recently announced that it has a reached a definitive agreement for the sale of its Rhino Video Games chain to GameStop Corp. No word yet on the price agreed upon, but the sale is expected to close by the end of January.Just so you know (but you all probably do already), Rhino Video Games is a regional retail chain with 72 stores in Southeastern US, that specialized in the buying, selling, and trading of Video games.
And this is what R. Richard Fontaine says about the agreement:
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. Furthermore, the Rhino business model, and a very game oriented management team, will fit seamlessly into the GameStop culture.
Here's what John Antioco, the Chairman and CEO of Blockbuster had to say about the deal:
Today's announcement is in line with our goal to maintain focus on our Blockbuster-branded assets. We wish the Rhino concept ongoing success under its new ownership, and while games remain an integral part of our Blockbuster business, we will continue to focus on growing our overall share of the video rental market both through our stores and through BLOCKBUSTER Total Access™, which gives our online subscribers the option of returning their DVDs through the mail or exchanging them at a participating BLOCKBUSTER store for free in-store movie rentals.
Given that GameStop's holiday sales alone is close to $1.7 billion, it is probably safe to assume that Rhino was acquired for a hefty amount
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Comments
*billion
Made the necessary changes in the article now. Thanks for that. :)
Never heard of 'em What's up with the picture?
rhino video games is and will always be until gamestop takes over the lower price alternative to the gs. I guess they want to buy out all the competition. I am sad to see this day is coming cause now eb and gs will raise thier prices for sure
Let me first say that this isn't the first time I've been to the place of subject. Anyhow, Gamestop is the slimiest, most hescetic organization I have ever come across in my entire life. It is no different than your local car dealership, only that they are dealing with games, not cars. However, the concept remains the same. The trade-in values are horrible, especially when they go ahead and mark the game up to near full price and sell it to some imbosile. So I'm surprised they aren't making Trillions. If they were on the list of the world's richest countries, Gamestop would probably be listed next to Russia.
Starting December 19, 2006, Blockbuster Total Access (online) is giving customers 1 free video game rental each month plus the first month is free. Sign up at http://www.blockbuster.com/bbfamily First month free with promo code 1557TA Facts: 1. Offer changes to 2-week trial beginning Jan 15 2007. 3 movies out at a time. So, signup now ! 2. Members can exchange online movies for free DVD rentals at their local Blockbuster (online mailer/movie will work like a coupon). Also, as soon as the online movies are exchanged at the store, the next movies in your que will ship as well. You essentially double the # of DVDs you can watch by returning them to the store (you can’t do this with Netflix). 3. Members will also receive 1 in store coupon every month for a free movie OR video game (even during free month). 4. Only pay $17.99 per month (3 out) after the 1st month or downgrade to the $14.99 (2 out) or $9.99 (1 out) plans.
What a monopoly! Rhino is so much better than Gamestop because they carry more, and have better prices. Plus their stores look cooler. Gamestop is a very slimey company whoever said that above me. They make SOOOOOO much money and yet they are *****ing stingey bastards with their money. They pay you minimum wage and not very much above that if you are manager. I tried to get a job there until I heard about the hours they give (which is very little) and I said "***** it". Now I serve Japanese food and make far better money than I would at GS.
i don't have a rhino anywhere near me, however i am disheartened to hear GS is swallowing another game store chain. GS is almost a monopoly where i live, 9 GS/EB and 1 local store (which sucks) that used to be 2, 10 yrs ago... thats all that is within 45 mins driving distance. the only place someone can go to get a fair deal on used games is the local used bookstore, how sad is that?
I used to work at the Rhino store in Murray, Utah. Store number 119 (if I remember right). This place is a bargin bin ***** hole will utter ***** for management. I thought everything was going fine and then BAM! I come to work to open shop and the reginal was at the front door. Told me all the Rhino's in Utah were closing and I had 2 days to pack up the ENTIRE *****ing store and get out. ***** Rhino. I am so glad that this ***** hole of a company will soon be no more.
Finally someone who sees Rhino for what they are. a **** hole. There's a Rhino near me. When they first opened, they were like EB Games when it first opened: Awesomeness incarnate. Then they realized that being awesome meant they didn't make much money. They immediately dropped buy-back prices to almost nothing and jacked used prices WAY up. Now they have NO used selection at all and they are total crap. EB isn't quite as bad as that for used stuff, but they're pretty bad. I think it'll be funny if Gamestop gets hit with a monopoly lawsuit since there's just about no competition now. (Target and Walmart don't count because their selection stinks.)
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