Mon, 15 Mar 2010 | BUSINESS SALE
The troubled US video rental chain, Blockbuster, has put up its European division for sale.
The American parent company, Blockbuster Inc, has accumulated over US$1 billion (£660 million) in losses and wants to sell its European arm in order to raise some cash. This includes some 650 stores in the UK as well as stores in Ireland, Denmark and Italy.
Blockbuster was founded in 1985 and has been struggling with debt for over 10 years since it broke away from the US media conglomerate, Viacom.
In February, the company announced that its 2009 sales had dropped from US$5 billion to US$4 billion. Its losses rose by 50 per cent to US$560 million in the same period and its shares, which at one point were worth $28, are now only valued at 41 cents.
Blockbuster has appointed Winchester Capital, a US corporate finance house, to find a buyer for its European wing, estimated to be worth approximately £50 million.
In addition, the parent company is said to be assessing a change to its capital structure, following concerns from its auditor as to its viability as a going concern. It will also try to modernise its product offering by expanding its mail order and digital services.
Offering for sale the business and assets of Project Pinnacle as a going concern, an independent chain of builders and timber merchants selling to trade professionals and the general public.
The company provides a comprehensive range of multimedia solutions for the wire, cable, tube, pipe and fasteners industries comprising print magazines, digital magazines, websites, digital platforms and social media benefitting from digital advertisi...
An established Irish based engineering business, providing supply, fabrication and erection structural steel solutions to customers across the island of Ireland and Great Britain.
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
27
|
Mar
|
Acquisitive IT firm makes latest deal after securing fresh funding | BUSINESS SALE
Everything Tech Group, an acquisitive Manchester-based manag...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
27
|
Mar
|
Corby telematics firm sold to EOT | BUSINESS SALE
An international telematics company based in Corby has been ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.