Blockbuster UK goes into administration for the second time; more of its 264 stores may close
Oct 29, 2013 / 10:30 am
LONDON - The DVD and games rental store Blockbuster has filed for a form of U.K. bankruptcy â€” again.
The company was sold to restructuring specialists Gordon Brothers Europe in March, after going into administration in January. At the time, Blockbuster U.K. had 528 stores. Hundreds of shops were shut in the weeks after its financial collapse.
Gordon Brothers Europe said Tuesday that its turnaround attempts for the company â€” which currently has 264 stores and 2,000 staff â€” coincided with poor trading across rental and retail sales. It said some stores may need to close.
Blockbuster in Britain is a subsidiary of U.S.-based Blockbuster LLC, which itself was reorganized under U.S. bankruptcy laws and then acquired in 2011 by the Dish Network Corp. of Colorado.
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