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EB Games
EB Games (previously known as Electronics Boutique) is an international video game retailer trading in Canada, Australia and New Zealand.
Originally established as American company in 1977 by James Kim in Philadelphia, Electronics Boutique sold calculators, radios and digital watches before pivoting towards sales of computers and software products. In the mid-1990s, Electronics Boutique became a video game retailer, later expanding internationally across Canada, Europe and Australia. In 2002, it was renamed from Electronics Boutique to EB Games, with some stores also trading as EBX and EB World.
In October 2005, EB Games accepted a takeover deal from rival GameStop Corp. for $1.44 billion, who phased out the EB name in the United States, renaming all American outlets to GameStop. The EB name still survives in Canada, Australia and New Zealand due to local brand recognition, with the name used under franchise agreements from GameStop Corp.
Originally, the operation mainly sold calculators and digital watches. Between 1977 and the mid-1990s, the company expanded to (and later stopped) selling computers, software, and other related items (according to the EB Games employee handbook). Electronics Boutique also operated stores under the name Games 'n Gadgets. The Games 'n Gadgets stores were more centered on entertainment and gaming, rather than business and productivity. In the mid-1990s, the company's focus switched to TV-based video games and consoles, though many stores still maintain PC game sections.
On April 3, 2000, Electronics Boutique made an offer to purchase rival business FuncoLand for $110 million, paying $17.50 in cash for each of parent company Funco's shares. CEO Joseph Firestone remarked that his company had been "stalking" FuncoLand for two years, and waited until the stock price was right. On April 5, Funco received an unsolicited $135 million buyout offer from Barnes & Noble subsidiary Babbage's Etc., who offered to pay in either cash or a combination of cash and Barnes & Noble stock. On April 12, Funco gave Electronics Boutique five days to raise its offer before they would accept Barnes & Noble's offer. In response, Electronics Boutique matched Barnes & Noble's offer. On April 26, Barnes & Noble raised its bid to $161.5 million, or $24.75 a share, leaving Electronics Boutique with another five days to respond to the bid. On May 3, Electronics Boutique announced the withdrawal of its bid, and Funco accepted Barnes & Noble's buyout the following day. Electronic Boutique's original definitive agreement with Funco included a breakup fee of $3.5 million, the cost of which was covered by Barnes & Noble.
In May 2000, in order to unify their company, Electronics Boutique changed the vast majority of its current EB and EB Gameworld stores to the name EB Games. They also announced that they would be either closing or selling all of their EB Kids and Brandywine Sports Collectible Stores.
For years EB Games' primary distribution center was in Louisville, Kentucky, with two smaller distribution centers and a World Headquarters all located in West Chester, Pennsylvania. With video games becoming increasingly popular, EB Games decided it was time for a new distribution center. In October 2004, EB Games opened its doors to its new 314,000-square-foot (29,200 m2) distribution center in Sadsbury Township, Pennsylvania. The world headquarter office in West Chester remained open, however anyone working at the old distribution centers were transferred to the new location.
On Thursday, October 6, 2005, shareholders from EB Games and GameStop agreed to a $1.44 billion takeover deal. The deal offered $38.15 in cash as well as approximately ¾ of a share of GameStop stock for every 1 share of EB Games stock. This offer was a 34.2% premium on the $41.12 per share closing price of EB Games stock. GameStop decided to close EB Games's newly constructed distribution center in Sadsbury, PA, their call center in Las Vegas, NV, and their International Headquarters in West Chester, PA, eliminating more than 800 jobs. Only 65 former EB Games employees were offered jobs at GameStop's headquarters in Grapevine, TX.
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EB Games
EB Games (previously known as Electronics Boutique) is an international video game retailer trading in Canada, Australia and New Zealand.
Originally established as American company in 1977 by James Kim in Philadelphia, Electronics Boutique sold calculators, radios and digital watches before pivoting towards sales of computers and software products. In the mid-1990s, Electronics Boutique became a video game retailer, later expanding internationally across Canada, Europe and Australia. In 2002, it was renamed from Electronics Boutique to EB Games, with some stores also trading as EBX and EB World.
In October 2005, EB Games accepted a takeover deal from rival GameStop Corp. for $1.44 billion, who phased out the EB name in the United States, renaming all American outlets to GameStop. The EB name still survives in Canada, Australia and New Zealand due to local brand recognition, with the name used under franchise agreements from GameStop Corp.
Originally, the operation mainly sold calculators and digital watches. Between 1977 and the mid-1990s, the company expanded to (and later stopped) selling computers, software, and other related items (according to the EB Games employee handbook). Electronics Boutique also operated stores under the name Games 'n Gadgets. The Games 'n Gadgets stores were more centered on entertainment and gaming, rather than business and productivity. In the mid-1990s, the company's focus switched to TV-based video games and consoles, though many stores still maintain PC game sections.
On April 3, 2000, Electronics Boutique made an offer to purchase rival business FuncoLand for $110 million, paying $17.50 in cash for each of parent company Funco's shares. CEO Joseph Firestone remarked that his company had been "stalking" FuncoLand for two years, and waited until the stock price was right. On April 5, Funco received an unsolicited $135 million buyout offer from Barnes & Noble subsidiary Babbage's Etc., who offered to pay in either cash or a combination of cash and Barnes & Noble stock. On April 12, Funco gave Electronics Boutique five days to raise its offer before they would accept Barnes & Noble's offer. In response, Electronics Boutique matched Barnes & Noble's offer. On April 26, Barnes & Noble raised its bid to $161.5 million, or $24.75 a share, leaving Electronics Boutique with another five days to respond to the bid. On May 3, Electronics Boutique announced the withdrawal of its bid, and Funco accepted Barnes & Noble's buyout the following day. Electronic Boutique's original definitive agreement with Funco included a breakup fee of $3.5 million, the cost of which was covered by Barnes & Noble.
In May 2000, in order to unify their company, Electronics Boutique changed the vast majority of its current EB and EB Gameworld stores to the name EB Games. They also announced that they would be either closing or selling all of their EB Kids and Brandywine Sports Collectible Stores.
For years EB Games' primary distribution center was in Louisville, Kentucky, with two smaller distribution centers and a World Headquarters all located in West Chester, Pennsylvania. With video games becoming increasingly popular, EB Games decided it was time for a new distribution center. In October 2004, EB Games opened its doors to its new 314,000-square-foot (29,200 m2) distribution center in Sadsbury Township, Pennsylvania. The world headquarter office in West Chester remained open, however anyone working at the old distribution centers were transferred to the new location.
On Thursday, October 6, 2005, shareholders from EB Games and GameStop agreed to a $1.44 billion takeover deal. The deal offered $38.15 in cash as well as approximately ¾ of a share of GameStop stock for every 1 share of EB Games stock. This offer was a 34.2% premium on the $41.12 per share closing price of EB Games stock. GameStop decided to close EB Games's newly constructed distribution center in Sadsbury, PA, their call center in Las Vegas, NV, and their International Headquarters in West Chester, PA, eliminating more than 800 jobs. Only 65 former EB Games employees were offered jobs at GameStop's headquarters in Grapevine, TX.