Customers browse products at a Game Stop store next to a sign advertising 'save the tax' in Montreal on Dec. 14, 2024.Graham Hughes/The Canadian Press
GameStop Canada says it has been acquired by French-Canadian entrepreneur Stephan Tetrault from the video game retailer’s struggling parent company.
Officially named Electronics Boutique Canada Inc., GameStop Canada says it will relaunch its 185 stores as EB Games Canada – a name associated with retail gaming from bygone decades.
Tetrault is the founder of Montreal-area-based toy manufacturer Imports Dragon and co-owner of American action figure-maker McFarlane Toys, and last month became a partner at Canadian chain Mastermind Toys.
U.S.-based GameStop Corp. GME-N said in February it was looking to sell its Canadian and French operations as it evaluates its international assets and doubles down on cost-cutting.
GameStop was one of the companies at the centre of the “meme stock” craze on Wall Street, which saw struggling brands’ share prices soar as retail investors made risky bets.
Its sales last year declined 27 per cent to $3.82 billion, though net income shot up to $131.3 million versus $6.7 million in 2023.