GameStop Completes Sale of 1,284 AT&T Wireless Stores for $700 Million

GameStop said Wednesday that its board and financial advisers will continue a "comprehensive review of a full range of strategic alternatives" as it closed on the $700 million sale of its AT&T Wireless stores.The Grapevine-based company announced the sale of 1,284 stores to Sugar Land-based Prime Communications the day before Thanksgiving."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," said GameStop's executive chairman Dan DeMatteo in a statement. "These are areas where we are well positioned to leverage the GameStop brand and capitalize on our competitive position."What's it going to do with that money?The company said in its statement that it could pay down some of its $800 million in debt, buy back shares, reinvest in the two core businesses of games and collectibles, or a combination of these options.GameStop hasn't announced its holiday sales yet, but said it plans to later this week.Twitter: @MariaHalkias  Continue reading...

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