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In the coming weeks, Blockbuster Canada will bring down shutters on its 146 video stores, according to the bankrupt company's court-directed receiver, Grant Thornton. He however said that another 254 stores of Blockbuster will continue to operate till the company finds possible buyers.
"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," Michael Creber, a Grant Thornton spokesman, said in a statement.
"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," he added.Most of the stores to be shuttered are in British Columbia, Ontario and Quebec.
The Blockbuster Canada bankruptcy follows the U.S.-based Blockbuster chain last year offering the Canadian subsidiary as collateral to the home entertainment divisions of Warner Bros., Twentieth Century Fox and Sony Pictures to ensure they kept supplying their product.
"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," Michael Creber, a Grant Thornton spokesman, said in a statement.
"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," he added.Most of the stores to be shuttered are in British Columbia, Ontario and Quebec.
The Blockbuster Canada bankruptcy follows the U.S.-based Blockbuster chain last year offering the Canadian subsidiary as collateral to the home entertainment divisions of Warner Bros., Twentieth Century Fox and Sony Pictures to ensure they kept supplying their product.
