Administrators confirm sale of Blockbuster UK to Gordon Brothers Europe
23 March 2013
Further to their announcement today, the Joint Administrators to Blockbuster confirm that the business has been sold to restructuring specialists Gordon Brothers Europe for an undisclosed sum. Under the terms of the transaction 264 stores will be retained along with around two thousand jobs. The brand will be licensed from US based Blockbuster LLC.
Lee Manning, Joint Administrator, 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.”
Lee Manning, Matthew David Smith and Neville Kahn, partners at Deloitte, the business advisory firm, were appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster, the DVD and video games rental Company on January 16 2013.
Note to editors
Media enquiries regarding the administration of Blockbuster UK contact Smithfield on 020 7903 0634.
Media enquiries regarding the ongoing business contact Primal PR on 07714 753358.
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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