We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Morrisons buys 49 Blockbuster stores

Stores to be converted to local convenience outlets

Article comments

Supermarket chain Morrisons is to buy 49 UK stores from video rental outfit Blockbuster which went into administration last month.

At the time, administrators Deloitte announced the gradual closure of all of its 164 stores. In subsequent weeks, since a buyer was not found for the business, its US-based owner – the Dish Network – announced that it would be taking a US$46 million write-down on the business.

The sale forms part of liquidation proceedings. A spokesperson for Morrisons said, the properties would be converted into "Morrisons M" local shops scheduled for opening by late summer, creating 1,000 jobs.

The spokesperson stressed that even though Morrisons had not made any formal commitment to retain Blockbusters staff, it "would be delighted if they wanted to apply for jobs at the new stores".

The purchase price of the 49 stores has not been revealed. Deloitte said that the sale of Blockbuster stores to Morrisons was expected to be the "first of a number of group and individual sales" that it would announce, but gave no further details.

Morrisons has previously said it was targeting the opening up of 70 convenience stores by the end of 2013, mainly in the Greater London area.

To this effect, the supermarket group has already acquired seven stores from failed photographic equipment retailer Jessops, and is in the process of rebranding 12 "M Local" stores that it already owns. Morrisons has also acquired a distribution centre in Feltham, London while an online delivery service is expected to be unveiled next month.



Morrisons buys 49 Blockbuster stores
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Card Factory planning London listing

Share float could see company valued close to £1 billionmore ..

Unilever reports Q1 sales growth of 3.6%

However, consumer product giant’s turnover hit by 8.9% negative currency impactmore ..

Spirent posts 16% rise in Q1 revenue

Networks testing firm benefiting from 4G rollout in Chinamore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

In Depth
Do you have what it takes to become a non-executive?

Do you have what it takes to become a non-executive?

The benefits of board service for CFOs more ..

In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..


* *