Blockbuster UK boss Martin Higgins hopes the sale of the firm will end the media circus surrounding the retail giant’s future.
The US parent company – which filed for Chapter 11 bankruptcy in September last year – has accepted a bid of $290m from Cobalt Video Holdco. The retailer and its international assets (including the UK arm) will now go up for auction to see if there is a higher bidder. A deal should be completed by Wednesday, April 20th.
Higgins told MCV he is confident over the deal, despite being left in the dark by the US parent.
I saw the announcement on the website,” he said.
The good news is that someone is willing to pay good money for the business. Hopefully it’ll bring clarity on Blockbuster’s future. We have spent a lot of time talking to the press about our future. The UK business wasn’t affected by the Chapter 11.
We’re a good business trading well and if new owners don’t want the UK arm they could sell it.”