Blockbuster’s new owner is TS 1973 Investment Holdings – which is owned by Gordon Brothers Europe – securing over 2,000 UK jobs…
Finally some good news from the retail sector, following a period that saw both HMV and Blockbuster go into administration.
A press release confirmed that TS 1973 Investment Holdings Limited, a subsidiary of global private equity and investment company Gordon Brothers Europe, had purchased the business and assets of Blockbuster Entertainment Ltd and Blockbuster GB Ltd.
That mean the 264 stores across the UK and Channel Islands will continue to operate on a ‘business as usual’ basis, effectively saving over 2,000 British jobs.
“The deal will see substantial investment from Gordon Brothers Europe, which intends to fully utilise the existing trading platform, powerhouse brand and extensive customer database,” the press release continued. “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.”
Blockbuster pointed out that in the previous month Gordon Brothers Europe had improved the trading position of the ailing Republic fashion chain, driving a 2.5 times increase in sales and maintaining a stable margin.
It seems that HMV‘s loss is Blockbuster’s gain, as former HMV UK and Ireland commercial director Gary Warren has been appointed as managing director of Blockbuster.
Warren served as VP of operations and product at HMV North America and Canada from 2001 to 2005.
“We acknowledge the industry is in transition and we know that we have a challenge ahead but there is still a market to be served,” said Frank Morton, CEO of Gordon Brothers Europe. “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.”