TORONTO, Sept. 7, 2011 /CNW/ - On September 7, 2011, the Ontario
Superior Court of Justice issued an order authorizing Grant Thornton
Limited, the Receiver of Blockbuster Canada Co., to, among other
things, conduct an orderly closure process for Blockbuster Canada Co.'s
remaining 253 retail stores and related operations.
As part of the orderly closure process, Blockbuster Canada Co. will be
conducting a final clearance sale for its entire inventory, including
movies and games, all at a significant discount, after which the
Company's remaining stores will close. The clearance sales are
scheduled to commence on September 9, 2011.
In connection with the store closures, effective as of September 9,
2011, Blockbuster Canada Co. Gift Cards and loyalty/rewards programs
will no longer be able to be redeemed by customers.
"The Court's decision has brought finality to Blockbuster Canada's
receivership proceedings. The Company's employees have worked hard
through this process and we are appreciative of their continued
commitment and professionalism during the store closing process." said
Michael Creber on behalf of Grant Thornton Limited.
A copy of the relevant court orders and a detailed listing of all
Blockbuster Canada Co. stores can be found at: www.grantthornton.ca/blockbuster. Information related to the clearance sales can be found at www.blockbuster.ca.
US-based Blockbuster L.L.C. ("New Blockbuster") purchased the assets of
Blockbuster Canada Co.'s US parent company from US bankruptcy in April,
2011 and continues to operate 1,500 blockbuster stores in the US. Those
stores will remain open and are unaffected by the Canadian receivership
proceedings and store closings. New Blockbuster plans to begin offering
Canadian customers exciting new ways to access movies and games before
Grant Thornton Limited is a Canadian Member of Grant Thornton
SOURCE Grant Thornton LLP
For further information:
Further enquiries, please contact:
Michael G. Creber
T +1 416 369 7047
Issued on: September 7, 2011