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
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
SOURCE Grant Thornton LLP
For further information:
Further enquiries, please contact:
Michael G. Creber
T +1 416 369 7047