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Deloitte has confirmed that it has completed the sale of Blockbuster for an undisclosed sum.
Buyers Gordon Brothers Europe have acquired 264 stores, saving around 2,000 jobs in the process. The Blockbuster brand license has been retained as part of the deal.
Having identified a profitable core portfolio of stores we are pleased to have achieved this sale for creditors,” joint administrator Lee Manning stated. 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.”
Few would have bet at the beginning of the month that Blockbuster would be sold before HMV. The clocking is now ticking for the music and entertainment retailer ahead of the payment of quarterly rent at the end of the month. The chain will from Monday kick off a technology sale that, amongst other things, will see the Wii U Premium available for just 199.99. on January 16 2013.
