Gordon Brothers Europe used a subsidiary, TS 1973 Investment Holdings Limited, to make the acquisition. Financial details were undisclosed but according to a statement the firm will put in a “substantial investment”.
The firm said it would focus on “enhancing the customer experience through the use of new product offerings, new technologies and better basic retailing, helping Blockbuster become a viable business once again”.
Gary Warren, a former HMV UK and Ireland commercial director, has been hired as Blockbuster’s managing director.
Gordon Brothers Europe admitted the industry was in “transition”. Frank Morton, chief executive of Gordon Brother Europe, said in the statement: “We know we have a challenge ahead, but there is still a market to be served. Blockbuster has a strong brand affinity and we believe that with the right mix of new product offering, new technologies, strategic management and marketing, we can bring new life to this high street staple.”
Gordon Brothers Europe, a wholly owned subsidiary of global advisory, restructuring and investment firm Gordon Brothers Group, was unavailable for further comment.