Blockbuster U.K. Headed for Shutdown5 Dec, 2013 By: Erik Gruenwedel
Bankrupt subsidiary failed to revitalize despite efforts by private equity firm
Blockbuster U.K., a former unit of Blockbuster LLC., is set to cease operations after 24 years after failing to find a buyer for its remaining 62 stores.
The closures, which follow shuttering of 100 stores since last month, affect more than 1,200 employees.
The chain, which at one time was the largest operating Blockbuster subsidiary outside of the U.S., was acquired out of bankruptcy in March by Gordon Bros. Europe with plans to revitalize the brand. It went back into bankruptcy on Nov. 11.
Dish Network, parent of Blockbuster LLC., in October announced it would shutter all corporate-owned domestic Blockbuster stores by January.