Blockbuster UK has been saved from total liquidation by a willing buyer, resulting in 264 stores remaining open for business.
Administrator Deloitte accepted a rescue bid from Gordon Brothers Europe, a global investment firm, for an undisclosed amount. Two-thirds of the employee base will retain their jobs (compared to January 2013 figures), while 264 of the original 528 stores will continue to operate. Things were looking grim earlier this year following major cutbacks and closures, but this new ownership should hopefully allow the embattled retailer to finally start moving forward again.
"Having identified a profitable core portfolio of stores we are pleased to have achieved this sale for creditors," announced joint administrator Lee Manning [via CVG]. "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."
Blockbuster will likely look to expand the online and digital side of the business to keep abreast of current consumer trends.