Interest in Blockbuster Canada Co. remains strong

TORONTO, May 26, 2011 /CNW/ - On May 20, 2011, the Ontario Superior Court of Justice authorized Grant Thornton Limited, the Receiver of Blockbuster Canada Co., to initiate a process to identify parties interested in purchasing Blockbuster Canada Co.'s assets and operations.

While a majority of Blockbuster Canada Co.'s stores are continuing to operate during such process, certain stores will be closed over the next few weeks. The purpose of the store consolidation is to provide Blockbuster Canada Co. with the opportunity to streamline its operations to better position the business for sale.

As part of the consolidation process, Blockbuster Canada Co. will be conducting a clearance sale for a large portion of its movies and games inventory at savings of at least 30% off regular prices. Clearance sales will be conducted at the stores being closed. A detailed listing of all Blockbuster Canada Co. stores, including those being closed and those remaining open can be found at www.grantthornton.ca/blockbuster.

In connection with the store closures, effective Friday, May 27, Blockbuster Canada Co. gift cards will not be honoured at any store being closed. Until further notice, Blockbuster Canada Co. gift cards can be redeemed at the stores that remain open.

"While the need to consolidate stores is unfortunate, we are pleased with the level of interest in Blockbuster Canada Co.'s operations expressed by potential purchasers to date," stated Michael Creber on behalf of Grant Thornton Limited.

Grant Thornton Limited is a Canadian Member of Grant Thornton International Ltd.

SOURCE Grant Thornton LLP

For further information:

Further enquiries, please contact:
Michael G. Creber
T +1 416 369 7047
Michael.Creber@ca.gt.com


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