Unedited press release follows:
Receiver to conduct orderly closure of Blockbuster Canada Co.’s operations
TORONTO, Sept. 7, 2011 – On September 7, 2011, the Ontario Superior Court of Justice issued an order authorizing Grant Thornton Limited, the Receiver of Blockbuster Canada Co., to, among other things, conduct an orderly closure process for Blockbuster Canada Co.’s remaining 253 retail stores and related operations.
As part of the orderly closure process, Blockbuster Canada Co. will be conducting a final clearance sale for its entire inventory, including movies and games, all at a significant discount, after which the Company’s remaining stores will close. The clearance sales are scheduled to commence on September 9, 2011.
In connection with the store closures, effective as of September 9, 2011, Blockbuster Canada Co. Gift Cards and loyalty/rewards programs will no longer be able to be redeemed by customers.
“The Court’s decision has brought finality to Blockbuster Canada’s receivership proceedings. The Company’s employees have worked hard through this process and we are appreciative of their continued commitment and professionalism during the store closing process.” said Michael Creber on behalf of Grant Thornton Limited.
A copy of the relevant court orders and a detailed listing of all Blockbuster Canada Co. stores can be found at: www.grantthornton.ca/blockbuster. Information related to the clearance sales can be found at www.blockbuster.ca.
US-based Blockbuster L.L.C. (“New Blockbuster”) purchased the assets of Blockbuster Canada Co.’s US parent company from US bankruptcy in April, 2011 and continues to operate 1,500 blockbuster stores in the US. Those stores will remain open and are unaffected by the Canadian receivership proceedings and store closings. New Blockbuster plans to begin offering Canadian customers exciting new ways to access movies and games before year end.
Grant Thornton Limited is a Canadian Member of Grant Thornton International Ltd.