Spring Mobile owns and operates 1,289 AT&T wireless stores across the U.S. Quotes delayed at least 15 minutes. Get access to exclusive content including newsletters, reports, research, videos, podcasts, and much more. The Utah-based retailer of A&T Wireless phones acquired 53 … Another group of RadioShack stores will be abandoned in March, and those leases will also be auctioned. Proceeds from the sale will be used to reduce GameStop’s outstanding debt, fund share repurchases and reinvest in core video game and collectibles businesses to drive growth. Spring Mobile acquired by GameStop. Slimming down GameStop's "focus is a much-needed strategic move." GameStop first entered the mobile space in 2013 when it acquired Spring Mobile, which only had approximately 90 stores at the time, and Simply Mac, then the largest certified reseller of Apple products. GameStop Corp., the video-game retailer, agreed to sell its AT&T wireless stores to Prime Communications LP for $700 million, exiting a business that the … GameStop has acquired 12 companies, including 2 in the last 5 years. GameStop will use proceeds from the recent $700 million sale of its Spring Mobile business to reduce outstanding debt, repurchase shares, or reinvest in … All quotes delayed a minimum of 15 minutes. On Friday, RadioShack will ask U.S. Bankruptcy Judge Brendan Shannon to approve the agreement with GameStop, which had 311 Spring Mobile stores as of its most recent quarterly regulatory filing in November. Michael Mauler, the veteran executive who replaced Raines upon his departure in February, resigned three months later for “personal reasons.” During Mauler’s tenure, COO Tony Bartel and EVP Michael Hogan were fired, while CIO Michael Cooper and CMO Randy Gier left the company voluntarily. Despite the sale to GameStop, RadioShack largely came up empty at Wednesday’s lease auction. Summary. GameStop is taking its biggest step toward exiting mobile phone and services sales, selling its Spring Mobile division to Prime Communications L.P. for approximately $700 million. While neither company has confirmed that the relationship has ended, reports earlier in 2018 indicated that GameStop appeared to have slowed or stopped sales of Cricket products and services in stores across the U.S. It’s been a tough year for GameStop, starting with the death in March of longtime CEO J. Paul Raines. Spring Mobile owns and operates 1,289 AT&T wireless stores. The stock spiked 15 percent on the news and ended the day up 11.6 percent. GameStop announced Wednesday it agreed to sell its Spring Mobile business for $700 million. “These are areas where we have considerable experience and where we are well positioned to capitalize on our competitive position. The cellphone business within Technology Brands actually lost $316 million in 2017, and total Technology Brands sales decreased 14.2% to $219.7 million. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries.