Gordon Brothers Europe has announced that their subsidiary TS 1973 Investment Holdings Limited has acquired Blockbuster Entertainment Ltd and Blockbuster GB Ltd.
The company said in a press release:
The 264 stores across the UK and Channel Islands will continue to operate on a ‘business as usual’ basis saving over 2,000 British jobs. The deal will see substantial investment from Gordon Brothers Europe, which intends to fully utilize the existing trading platform, powerhouse brand and extensive customer database. The company will focus on enhancing the customer experience through the use of new product offerings, new technologies and better basic retailing helping Blockbuster become a viable business once again.
Frank Morton, CEO of Gordon Brothers Europe added:
We are delighted to announce the acquisition of Blockbuster. We acknowledge the industry is in transition; we know that we have a challenge ahead but there is still a market to be served. Blockbuster has a strong brand affinity and we believe that with the right mix of new product offering, new technologies, strategic management and marketing, we can bring new life to this high street staple. We look forward to working with employees, suppliers, landlords and other stakeholders to make this happen.
This is great news for the employees and investors in Blockbuster as there is still hope for the survival of the company!