08-05-2025
GameStop Exits Canada After Sale To Entrepreneur Stephan Tetrault
Gamestop Canda stores will be rebranded as EB Games following the sale. (Photo by Roberto Machado ... More Noa/LightRocket via Getty Images)
French-Canadian entrepreneur Stephan Tetrault has acquired Electronics Boutique Canada Inc. — also known as GameStop Canada — from GameStop Global Holdings, and the Canadian retailer will relaunch as EB Games Canada.
"This isn't just a business decision — it's about bringing something back that Canadians truly loved," said Tetrault, owner and CEO of the newly rebranded EB Games Canada. "We're going to build something special here, with community, nostalgia, and innovation at its heart."
EB Games Canada, which had originally been rebranded to GameStop Canada in 2021, will now return to its roots with a fresh identity that merges classic elements with modern retail experiences, the company said in a release. Plans for the revamped EB Games include enhanced in-store events, expanded product lines, deeper integration with pop culture brands, and a renewed focus on Canadians.
"We want EB Games Canada to be more than a store — we want it to be the hub for gaming and fandom culture across Canada," said Jim Tyo, President, GameStop Canada. "This is about passion, and that's what's going to drive every decision we make."
The move had been highly trailed, after the company in February said that it was exploring opportunities to sell its assets in the country, as well as its French business.
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GameStop CEO Ryan Cohen had posted on X about the opportunity to acquire the business, but had added somewhat bitterly: 'High taxes, liberalism, socialism, progressivism, wokeness and DEI included at no additional cost if you buy today.'
GameStop, which has been a meme stock not once by twice, had seen its share price underpinned by retail buyers, which means its share price is up by nearly two thirds over the past 12 months, but is down about 15% since the start of the year.
However as consumers consistently evolve the way they buy gaming products, GameStop has struggled to move with the market and also has a huge legacy store estate.
The sale of GameStop's international assets followed its announcement in March that it expected to close a 'significant number' of stores in fiscal 2025 after closing 970 stores in fiscal 2024.
The plan represents part of the retail gaming destination's ongoing evaluation of its overseas business and operations aimed at achieving sustained profitability, GameStop said in a Form-10K filed on March 25 with the Securities and Exchange Commission.
During fiscal 2024, GameStop closed 590 stores in the U.S., 336 in Europe, 33 in Australia and 11 in Canada, according to the filing.
The company's fourth-quarter net sales fell 28.5% year over the year to $1.3 billion, and net income more than doubled to $131 million. In the quarter, GameStop also completed its divestiture of its operations in Italy and 'the wind-down of store operations in Germany.'
GameStop has said that it will reduce its store count again this fiscal year.
That followed the exit of operations in Ireland, Switzerland and Austria during fiscal 2023. As of February 1, the end of GameStop's fiscal 2024, the retailer had 3,203 stores of which 2,325 were in the U.S.
'We have also initiated a comprehensive store portfolio optimization review which involves identifying stores for closure based on many factors, including an evaluation of current market conditions and individual store performance,' the company said in the filing.
Together with its effort to optimize its cost structure, GameStop has focused on establishing 'omnichannel retail excellence' and adding new product and service offers, including graded collectibles, according to the filing, while in March it partnered with buy now, pay later specialist Zip.
The gaming retailer also announced in March that its board had unanimously voted to add bitcoin as a treasury reserve asset, despite acknowledging it was a 'highly volatile' asset and could prove unsuccessful as a strategy.
The transition from GameStop Canada to EB Games Canada will roll out nationwide to the retailer's 185 stores over the coming months, including updated store signage, a redesigned website, and new branding across digital and social platforms all in order to enhance customer experience.
