Blockbuster Administrator Said to Receive More Than 30 Offers
Blockbuster Entertainment Ltd. has generated more than 30 expressions of interest from retailers and private-equity firms, said a person familiar with the matter.
Deloitte LLP is still weeks away from a decision and there is no front-runner for the U.K. DVD rental chain, said the person, who declined to be identified because the matter is private. The simultaneous search for buyers of HMV Group Plc (HMV) may be slowing the process as firms bid for both companies, the person said. Deloitte is also handling HMV’s administration.
Blockbuster last week became the third major U.K. retailer this year to enter administration, a form of insolvency protection. Deloitte is seeking a buyer for the 528-outlet chain and has said at least 160 stores will be closed. More stores closures are likely beyond those that are already planned, they said. Savills has been appointed to advise on the company’s store portfolio, it said today.
No one at Blockbuster U.K. was available for comment and a spokesman for Deloitte declined to comment.
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