To be honest, we thought there was no coming back after Blockbuster announced the closure of a further 164 stores back in February.
To put it in the words of Private Fraser from Dad’s Army, we thought they were doooomed, but there’s been some unlikely good news announced over the weekend.
Private equity firm Gordon Brothers Europe has opened up its wallet and snapped up Blockbuster for an undisclosed sum – and it’s announced that it intends to keep 264 of their 528 stores open, saving the jobs of nearly half of its 4,190 staff.
“This transaction provides Blockbuster a future in the UK,” insisted Deloitte’s Lee Manning, joint administrator.
The surviving Blockbuster shops in the UK are set to receive a “substantial” investments, with new products offered in an attempt to boost profitability..
“We acknowledge the industry is in transition; we know that we have a challenge ahead but there is still a market to be served,” said Frank Morton, chief executive officer of Gordon Brothers Europe.