Electronics Boutique to Acquire Funco
National game retailer Electronics Boutique has agreed to acquire video game retailer and reseller Funcoland.
On Monday, Electronics Boutique announced that it has agreed to buy Funco for $110 million cash, making the organization one of the largest game retailers in the nation. Both companies sell new and previously played video games, software, and hardware in their retail stores and through online shopping sites.
"With this acquisition, Electronics Boutique will be able to carry out the most wide reaching 'clicks and mortar' strategy in the electronic games industry," Joseph Firestone, president and chief executive officer of Electronics Boutique, said in a statement. "We will market products to customers wherever it is convenient for them - in shopping malls, neighborhood stores, and on the Web."
"We will have a much greater ability to bring more preowned merchandise and move it through the Funco chain," Firestone told Reuters. "The biggest limiting problem was not having enough preowned merchandise as possible."
After the deal, Firestone will head up the combined enterprise with a total of about 7,000 workers. The company plans to open around 125 Electronic Boutiques and 60 Funco retail stores by the end of this year.
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