Buyer found for UK Blockbuster stores

AP News

3/23/2013 11:56:26 AM - AP News

LONDON (AP) — The DVD and games rental store Blockbuster has been sold to restructuring specialists Gordon Brothers Europe after filing for a form of U.K. bankruptcy earlier this year.

The company had gone into administration — a form of bankruptcy in Britain — in January.

Blockbuster U.K. at the time had 528 stores. Hundreds of shops were shut in the weeks after its financial collapse.

Administrators for the company from accounting firm Deloitte said Saturday that Gordon Brothers Europe had purchased Blockbuster for an undisclosed sum, saving 2,000 jobs and 264 U.K. stores.

Blockbuster in Britain is a subsidiary of U.S.-based Blockbuster LLC, which itself was reorganized under American bankruptcy laws and then acquired in 2011 by Dish Network Corp. of Colorado.