Mon, 25 Mar 2013 | BUSINESS SALE
Administrators have found a buyer for the Blockbuster chain in the form of restructuring specialists Gordon Brothers Europe.
The firm entered administration back in January after failing to keep up with movements in the market, which is heading firmly into online territory led by the likes of Netflix and LoveFilm.
The business sale will see Gordon Brothers take on 264 of Blockbuster's stores. Supermarket chain Morrisons bought 49 of the shops when the film rental company first entered administration, and a further 200 of the initial 528 stores were closed down as unviable.
Lee Manning, administrator for Blockbuster from Deloitte, commented on the sale of the company: “Having identified a profitable core portfolio of stores we are pleased to have achieved this sale for creditors. Together with the previously announced store sales more than half of the original estate has been secured for ongoing use.
"This transaction provides Blockbuster with a future in the UK and we owe a special vote of thanks to all the company's employees, suppliers and customers for helping us rescue the business."
It is thought that Gordon Brothers has purchased the chain with the belief that it remains a “powerhouse” in the industry. Blockbuster is a significantly smaller business than it was before its administration but analysts have suggested that the company's new owners will work this to their advantage and attempt to turn Blockbuster into a viable business again.
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