Blockbuster looking to sell its European stores?
After a disappointing Q4 2009 performance, Blockbuster’s woes continue with the US video giant looking to pawn off its European operations as a means of generating some much needed cash. According to a report from the Sunday Times, Blockbuster has hired Winchester Capital to sell off its European division which includes 650 stores in the UK and an unknown number of stores in Denmark, Italy, and Ireland. Combined, these assets could net Blockbuster a respectable £50m ($76M USD) at a time when the movie rental king is hemorrhaging cash and straining under the weight of increasing debt which now totals $964 million. This shot in the arm may not be the Hail Mary that saves Blockbuster from its downward spiral, but it is at least a step in the right direction for the ailing company.
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