Posted Mon Jan 21, 2013 at 09:00 AM PST by Dick Ward
The rest of the company will be restructured in a way that makes Blockbuster appealing to buyers.
It was hoped, as it always is, that when Blockbuster UK entered administration – like a British version of bankruptcy – that no one would need to be laid off and all of the company's stores could remain open. After reviewing the books though, it seems that's not the case.
Lee Manning of Doloitte, the risk management firm that's in charge of the Blockbuster UK administrative process, has decided that a total of 129 stores must close in order for the company to move forward. "Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold."
Source: Home Media Magazine
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