Blockbuster UK has been saved from the brink of liquidation following a surprise last-minute sale of the company.
The beleaguered rental and retail chain looked set to finally bite the bullet after failing to evolve according to changing market and consumer trends. But administrator Deloitte was able to sell the company to Gordon Brothers Europe for an undisclosed sum.
The firm picks up Blockbuster UK in a streamlined state following administration in January, going from 528 stores to 264 over the last couple of months. In January the retailer had some 3,000 employees, but thanks to the sale some 2,000 jobs have been rescued.
Joint administrator Lee Manning said, "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 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."
The beleaguered rental and retail chain looked set to finally bite the bullet after failing to evolve according to changing market and consumer trends. But administrator Deloitte was able to sell the company to Gordon Brothers Europe for an undisclosed sum.
The firm picks up Blockbuster UK in a streamlined state following administration in January, going from 528 stores to 264 over the last couple of months. In January the retailer had some 3,000 employees, but thanks to the sale some 2,000 jobs have been rescued.
Joint administrator Lee Manning said, "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 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."
Companies:
Blockbuster
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