When Blockbuster's UK brand entered administration at the start of the year, there were concerns that it would ultimately prove just another casualty of the inexorable move toward online video. Not quite: Gordon Brothers Europe, a private equity firm known for rescuing troubled companies, has bought Blockbuster's British assets. The acquirer isn't disclosing the cash involved, but it plans to keep 2,000 workers and 264 stores in full swing while it plots a turnaround. That recovery is only described in vague terms at this stage, however -- Gordon Brothers plans to bring "new products" and "new technologies" to the bruised retail chain. While we're glad to see a one-time cornerstone of video rentals get a second chance, we hope that its bounce-back strategy involves a more futureproof selection than aisles full of plastic discs.
Filed under: Home Entertainment
Source:Gordon Brothers Europe