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November 12, 2013 - Locke Lord lawyers have been appointed to act for Moorfields Corporate Recovery in relation to the administration of T S Operations Limited t/a Blockbuster.
Blockbuster operates one of the UK's largest chains of film and game rental stores, with 264 stores and approximately 2,000 employees. Private equity firm Gordon Brothers Europe acquired the business and assets of Blockbuster Entertainment Ltd and Blockbuster GB Ltd in March 2013. Since then the company has striven to turnaround Blockbuster by restructuring the business, investing significantly in strategic marketing activities and negotiating with the landlords of its retail outlets. The company also tried to develop a new digital platform but was unable to broker a licensing deal in time. The months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales.
Locke Lord Partners David Grant and Graham Spitz will lead the Firm's legal team assisting the joint administrators, Simon Thomas and Nick O'Reilly. Locke Lord previously assisted Moorfields in the administration of Hein Gericke (U.K.) Limited, leading to the sale in 2012 of 16 Hein Gericke motorcycle apparel stores situated across the UK.
Moorfields representatives have said that while Blockbuster is in administration, every effort will be made to ensure retail trade continues as normal.
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