Dallas - Video game and movie rental chain Blockbuster said on Wednesday it sold Games Station, a specialty games retailer in the United Kingdom, to European game retailer The Game Group for about $150-million (about R1-billion) cash.
The purchase price is subject to certain adjustments.
"While we believe Gamestation is positioned for ongoing success, today's announcement underscores our intent to focus on our Blockbuster-branded assets in North America in support of our goal to grow our overall share of the video rental market, both in-store and online," Chairman and Chief Executive John Antioco said in a statement.
Blockbuster said it plans to use most of the proceeds from the sale to pay down outstanding debt.
Blockbuster bought Games Station, which offers new and pre-owned video games, in October 2002. - Sapa-AP