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.
____________________________________________________________________________
Related articles:
How to profit from buying a distressed business
Blockbuster enters administration
Morrisons to buy business assets from Blockbuster
The company provides quality artificial grass for the commercial, residential, education, entertainment and sports sectors. Operates to a high standard following a bespoke process created in-house, providing a first class service and ensuring all pro...
Offers comprehensive suited fire safety solutions including fire door inspections, passive fire surveys, fire extinguisher service and installation, fire risk assessments as well as on-site fire warden and basic fire awareness training. Additional tr...
The company provides a comprehensive range of plumbing, heating, electrical and security services, including installations, maintenance, replacement, and repairs. Additionally, it supplies renewable energy services, such as heat pumps, biomass, solar...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.