BLOCKBUSTER is set to stay in Huntingdon for the time being after the company was rescued by a private equity firm.
The store in Tower Field Leisure Park avoided the chop twice after administrators Deloitte were called in on January 16 but a sale of Blockbuster’s 264 remaining shops to TS 1973 Investment Holdings Ltd was announced on Monday (March 25), saving 2,000 jobs.
TS 1973 is a subsidiary of global private equity and investment firm Gordon Brothers Europe, which has been helped fashion retailer Republic, which entered administration last month, driving a two-and-a-half times increases in sales.
Frank Morton, CEO of Gordon Brothers, said: “We are delighted to announce the acquisition of Blockbuster. We acknowledge the industry is in transition; we know that we have a challenge ahead but here is still a market to be served.
“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.”
Former HMV commercial director Gary Warren has been appointed managing director of Blockbuster.