Blockbuster receives bids to keep it going
Two restructuring firms are bidding to salvage part of Blockbuster out of administration, raising hopes for staff at the troubled DVD-rental company.
Gordon Brothers and GA Europe have lodged bids to run a slimmed version of Blockbuster as a going concern, following the 528-store chain appointing accountancy firm Deloitte as administrator in January.
It is unclear whether other parties are interested in the DVD group, which had almost 4200 staff when it collapsed.
Blockbuster had been battered by the inexorable shift to consumers buying DVDs online, at the big supermarkets and on Amazon, which also owns rival DVD-rental firm Lovefilm.com.
Deloitte is now evaluating the bids although the sale is complicated by the fact that Dish Network, the former parent and the satellite broadcaster, still owns the Blockbuster brand.
Gordon Brothers is thought to have bid for more than 200 of Blockbuster's stores that are still trading, while GA Europe is understood to be interested in about 150 shops. Both parties declined to comment.
The bids could see up to 1000 high street jobs saved, although Deloitte has already unveiled plans to close 324 of Blockbuster's stores.
Lee Manning, the joint administrator and partner at Deloitte, said: "We are hopeful of concluding a sale of the business. We are in discussions but it is more complex than a more straightforward process because we don't control the brand." Underlying losses at Blockbuster UK widened from £8.5m in 2011 to £11.2m last year. But as recently as 2009, the business made a pre-tax profit of £4.6m.
The camera specialist Jessops, the entertainment chain HMV and the fashion retailer Republic have failed this year. The sportswear group Sports Direct acquired Republic on Thursday.
- 1 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...