Buyers are being sought for Blockbuster Canada Co.’s assets and operations across the country, which include eight Vancouver locations.
Receiver Grant Thornton Ltd. has announced it’s been authorized by the Ontario Superior Court of Justice to initiate a process to identify potential purchasers for the movie rental company.
It also announced that over the next few weeks Blockbuster Canada will be consolidating “certain stores,” but emphasized that the majority will continue to operate.
“We appreciate the ongoing support of Blockbuster Canada’s customers, employees, suppliers and other stakeholders during this period,” Grant Thornton spokesperson Michael Creber said in a news release.
“We are hopeful that the process approved last Friday [May 20] will result in resolution of the issues currently facing Blockbuster Canada Co.”
On May 3, the Ontario Superior Court of Justice appointed Grant Thornton as receiver to Blockbuster Canada, which is being sold to pay debt racked up by its former parent company in the United States. The U.S. parent company was sold last month to Dish Network Corp. (Nasdaq: DISH) the sale didn’t include the Canadian subsidiary.
Grant Thornton has filed a motion in a U.S. court to block a move by Dish Network to force Blockbuster Canada to rename itself.
Calls to Grant Thornton were not returned by press deadline.
Jenny Wagler
@JennyWagler_BIV