Blockbuster Inc. (NYSE:BBI) is putting its European stores up for sale. Blockbuster trades on the “New York Stock Exchange” under the Stock Symbol “BBI). For the Latest information regarding Blockbuster Inc, “BBI”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news.
Blockbuster Inc. (NYSE:BBI) is putting its European stores up for sale. The movie rental company plans to drop its 650 British stores and locations in Italy, Denmark, and Ireland, in an effort to raise money, according to the Sunday Times. The newspaper said Blockbuster hired Winchester Capital to find a buyer. Blockbuster values the European arm at $76 million, the Sunday Times said. The company employs more than 5,000 workers in Europe. Plans to sell European stores shouldn't come as much of a surprise, as the company has been in negotiations to drop the unit since the second quarter last year, Blockbuster spokesperson Michelle Metzger said.
Shares of Blockbuster are gaining 1.2% to 41 cents a share in morning trading.
The news comes as Blockbuster struggles to stay buoyant. The company widened its 4Q loss to $434.9 million, or $2.24 a share, as same-store sales tumbled nearly 16%.
You can contact us during market hours at 1-888-9-ClubGrand (1888-925-8247) or via email at staff@wallstreetgrand.com .
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
Disclaimer:
Wall Street Grand LLC has not been compensated by the company for this press release and does not expect to be compensated in the future for any type of awareness. To read our full disclaimer clicks the link http://www.wallstreetgrand.com/disclosure.html.
