New bids could save Blockbuster

Both Gordon Brothers and GA Europe have lodged takeover bids with administrator Deloitte
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Deloitte has reportedly received fresh bids from two restructuring firms looking to save the Blockbuster brand.

First reported by The Independent, is it understood that both Gordon Brothers and GA Europe have both placed official bids with Deloitte in the hopes of maintaining Blockbuster's business.

Despite the bids, Blockbuster still faces further store closures as both firms have highlighted their desire to downsize the business.

Gordon Brothers has stated it would target a 200-store count, whilst GA Europe would likely slim the business down to just 150 retail locations.

Even with additional store closures, a takeover of Blockbuster would save close to 1,000 jobs.

However, Deloitte has highighted that negotiations over the brand have become complicated, given that the Blockbuster rights are still owned by US operator Dish Network.

"We are hopeful of concluding a sale of the business,” Deloitte’s joint administrator Lee Manning stated. “We are in discussions but it is more complex than a more straightforward process because we don't control the brand."

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