Blockbuster ( BBI) has agreed to sell its Rhino Video Games chain to GameStop ( GME) for an undisclosed price.
The sale is expected to close by the end of January. Rhino Video Games is a regional retail chain with 72 stores in the Southeastern U.S. "The integration of the Rhino group into the growing portfolio of GameStop stores will result in operating synergies while being accretive to earnings," said GameStop Chairmand CEO R. Richard Fontaine in a press release Friday. "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." Shares of GameStop closed Friday up 8 cents to $55.49; Blockbuster fell 8 cents to $5.70.