Blockbuster jobs and brand saved after sale to restructuring specialist

Blockbuster has been sold to restructuring specialist Gordon Brothers Europe for an undisclosed sum in a deal that will save 2,000 jobs and 264 stores.

Blockbuster: old to restructuring specialist Gordon Brothers Europe
Blockbuster: old to restructuring specialist Gordon Brothers Europe

The retailer plunged into administration on 16 January after failing to cope with the growing numbers of movie fans increasingly turning to online services, such as Amazon.

When it first plunged into administration Blockbuster had 528 stores and employed 4,190 staff. Since then a number of its stores have been picked off by supermarket Morrisons, which is seeking to increase the size of its convenience store offering.

The Blockbuster brand will continue to exist in the UK after Gordon Brothers Europe agreed a deal that will see it continue to be licensed from US-based Blockbuster.

Lee Manning, joint administrator at Deloitte, 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."

Become a member of Campaign from just £45 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now

Partner content

Share

1 Why creative people have lost their way

What better way to kick off Campaign's relaunch than with another think piece on the current failings of our industry, written by an embittered, pretentious creative who misses "the way things used to be"...

Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).