GRAPEVINE, Texas, Jan. 16, 2019 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) today announced
that it has completed the previously disclosed sale of its Spring Mobile business to Prime Communications, L.P. for $700 million,
excluding transaction fees and customary working capital and indebtedness adjustments. Spring Mobile owns and operates 1,284
AT&T wireless stores.
The Company, its board of directors, together with outside financial advisors, continues to conduct an on-going
comprehensive review of a full range of strategic and financial alternatives to enhance shareholder value. Use of proceeds from the
sale will be determined in conjunction with the completion of that review and may be used to reduce the company’s outstanding debt,
fund share repurchases, reinvest in core video game and collectibles businesses to drive growth, or some combination of these
options.
Dan DeMatteo, executive chairman of GameStop’s board of directors, said, “We are pleased to successfully
complete this transaction and begin 2019 with an increased focus on the video game industry and the rapidly-growing collectibles
space. These are areas where we are well positioned to leverage the GameStop brand and capitalize on our competitive position,”
The Company also announced that it anticipates reporting holiday 2018 sales results before the market opens on
Friday, January 18, 2019.
About GameStop
GameStop Corp., a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game and
consumer electronics retailer. GameStop operates over 5,800 stores across 14 countries. The company's consumer product network also
includes www.gamestop.com; Game Informer® magazine, the world's leading print and digital video game publication; and ThinkGeek,
www.thinkgeek.com, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture
products, and Simply Mac, which sells the full line of Apple products, including laptops, tablets, and smartphones and offers Apple
certified warranty and repair services.
General information about GameStop Corp. can be obtained at the company’s corporate website. Follow @GameStop
and @GameStopCorp on Twitter and find GameStop on Facebook at www.facebook.com/GameStop.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Such statements are based upon management’s current beliefs, views, estimates and expectations, including as to the
Company’s industry, business strategy, goals and expectations concerning its market position, future operations, margins,
profitability, capital expenditures, liquidity and capital resources and other financial and operating information. Such statements
include without limitation those about the Company’s outlook for fiscal 2018, future financial and operating results, projections,
expectations and other statements that are not historical facts. All statements regarding the board’s review of operating,
strategic, financial and structural alternatives and expected costs and benefits, including whether operating, strategic, financial
and structural alternatives could unlock value, are forward-looking statements. Forward-looking statements are subject to
significant risks and uncertainties and actual developments, business decisions and results may differ materially from those
reflected or described in the forward-looking statements. The following factors, among others, could cause actual results to
differ from those reflected or described in the forward-looking statements: the uncertain outcome, impact, effects and results of
the board’s review of operating, strategic, financial and structural alternatives; volatility in capital and credit markets,
including changes that reduce availability, and increase costs, of capital and credit; our inability to obtain sufficient
quantities of product to meet consumer demand; the timing of release and consumer demand for new and pre-owned products; our
ability to continue to expand, and successfully open and operate new stores for our collectibles business; risks associated with
achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital
video game sales; the impact of goodwill and intangible asset impairments; cost reduction initiatives, including store closing
costs; risks related to changes in, and our continued retention of, executive officers and other key personnel; changes in consumer
preferences and economic conditions; increased operating costs, including wages; cyber security events and related costs; risks
associated with international operations; increased competition and changing technology in the video game industry; changes in
domestic or foreign laws and regulations that reduce consumer demand for, or increase prices of, our products or otherwise
adversely affect our business; our effective tax rate and the factors affecting our effective tax rate, including changes in
international, federal or state tax, trade and other laws and regulations; the costs and outcomes of legal proceedings and tax
audits; and unexpected changes in the assumptions underlying our outlook for fiscal 2018. Additional factors that could cause our
results to differ materially from those reflected or described in the forward-looking statements can be found in GameStop's Annual
Report on Form 10-K for the fiscal year ended February 3, 2018 filed with the SEC and available at the SEC's Internet site at
http://www.sec.gov or http://investor.GameStop.com. Forward-looking statements contained in this press release speak
only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement, whether
as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Contact
GameStop Corp. Investor Relations
(817) 424-2001
investorrelations@gamestop.com