Posted by Sheila Shayon on March 25, 2013 12:41 PM
Blockbuster U.K. is rising from the ashes after plunging into administration—a form of bankruptcy in Britain—in January when accountancy firm Deloitte assumed day-to-day operations while looking for a buyer.
"We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors," said Lee Manning, joint administrator and partner in Deloitte’s restructuring services at the time.
The pioneering DVD and video rental company that entered the U.K. market in 1989 is struggling to survive in a burgeoning and highly competitive world where digital real estate trumps physical and streaming is de rigueur. Since January, a number of the brand's 528 stores have been bought up by Morrison's supermarket, and now, Gordon Brothers, a private equity group, has stepped in to buy 264 stores for an unspecified amount, subsequently saving nearly 2,000 jobs.Continue reading...
Posted by Alicia Ciccone on March 25, 2013 09:46 AM
T-Mobile kills off wireless contract, readies to launch LTE network.
Gordon Brothers Europe agrees to buy struggling Blockbuster UK, saving 2,000 jobs and brand.
W Hotels plans to double Asia presence over the next five years.
AstraZeneca settles Crestor patent suit.
Apple, Microsoft defend pricing policies in Australia.
Britain's BAE Systems wins five-year, $780 million US military contract.
BMW looks to Mini Paceman to challenge growing Fiat market.
Bridgestone launches new tire line to reignite Firestone brand.Continue reading...
Posted by Shirley Brady on March 24, 2013 01:02 PM
New York mayor Michael Bloomberg unveils $12 million ad campaign (above) for Mayors Against Illegal Guns that lobbies for background checks to reduce gun violence, while NYC's municipal data geek squad makes headlines.
Starbucks CEO Howard Schultz defends same-sex marriage support to shareholders as brand expands loyalty rewards to other retailers.
PepsiCo shares jump on Mondelez merger speculation sparked by Telegraph story which Pepsi "downplays."
Apple acquires indoor GPS startup WiFiSLAM for mapping, patents iPhone drop protection technology and faces EU scrutiny following iPhone and iPad distribution complaints — and may report first quarterly dip since 2003.
FTC "pay for delay" generic drug case, set to go before US Supreme Court on Monday, will be closely watched by pharmaceutical industry and economists.
Below: BlackBerry, Blockbuster, Dell, Diageo and other brands in the news —Continue reading...
Posted by Barry Silverstein on February 13, 2013 05:40 PM
UK retailers are not having an easy time of it, as the systematic shuttering of 164 Blockbuster stores is added to the list of foundering UK businesess.
The high-profile failing of music retailer HMV—which operates some 240 stores in Britain, Ireland, Singapore and Hong Kong—has already shut down all 16 of its Irish posts. The chain's owner, Hilco Consumer Capital, which specializes in buying bankrupt brands and owns Borders and Polaroid, is expected to decide the fate of HMV's other stores sometime this month. HMV's woes came on the heels of the bankruptcy of Jessops, a UK camera retailer, last week.
For Blockbuster, whose U.S. retail arm has been belly-up since 2010, the closure of UK stores comes as no surprise.Continue reading...
Posted by Shirley Brady on February 13, 2013 08:43 AM
American Airlines and US Airways finalize merger details.
Comcast buys balance of GE's stake in NBCUniversal for $16.7 billion.
Yahoo CEO Mayer looks to focus mobile, expresses disappointment in Microsoft search deal.
Adidas will reveal Boost running innovation at New York event.
Apple CEO Cook feels brand's stores are too small; a Google payday might help.
Barclays CEO pressured to get moving on revamp.
BBC Worldwide appoints global editorial director.
Blockbuster UK closes 164 more stores.
Dior sees former designer John Galliano re-offend Jewish community.
Facebook eyes books, movies and TV content as Zuckerberg's full philanthropy revealed.
Ford assures dealers on Lincoln MKZ supplies.Continue reading...
Posted by Dale Buss on January 17, 2013 09:02 AM
Airbus sees orders fall as Boeing's 787 Dreamliner is grounded in U.S., Japan, Europe and India.
GM woos Facebook to return to paid ads, remains cautious on 2013, defends Opel restructuring and eyes cheaper Chevy Volt.
Blockbuster faces U.K. closure after no buyers emerge.
American Airlines swings to profit and sees “good trajectory” for this year.
Apple rattles Wall Street with sharp stock-price drop.
AT&T looks to Europe for mergers.
Audi aims for 200,000 U.S. sales “sooner” rather than “later.”Continue reading...
Posted by Dale Buss on December 6, 2012 09:01 AM
Apple plans limited US manufacturing as it lands back in court with Samsung and baffles Eric Schmidt.
Starbucks agrees to pay more UK tax, capitulating to criticism.
Rolls-Royce is caught in bribery probe in UK.
AmEx works on social engagement that closes the loop with consumers.
AT&T is on track for record smartphone sales.
Barclays Africa is sold to Absa in $2.1 billion transaction.
Bob Marley trademark spat settled as 'relaxation drink' comes under fire.
Deutsche Bank is probed by SEC.
Dish will start selling mobile phones at its Blockbuster movie rental stores.Continue reading...
Posted by Sheila Shayon on September 3, 2012 09:47 AM
As the grandfather of streaming video, Netflix has suffered the slings and arrows of being out front, exacerbated by hubris and internal missteps.
The video rental company's announcement of separate fees for DVD and streaming services a year ago was a disaster, one that was exacerbated by CEO Reed Hastings’ foot-in-mouth comment regarding subscriber outrage, "It's something we'll monitor, but Americans are somewhat self-absorbed."
“Despite shrinking margins, a weakening balance sheet and increased competition, the stock was bullet-proof. Netflix was the great Achilles that vanquished Blockbuster Video with a little assistance from Coinstar's Redbox. But like Achilles, Netflix was not invulnerable,” notes Seeking Alpha.
Enter Amazon and its move to free video streaming with Amazon Prime in February 2011, membership priced at $79/year, including free Super Saver Shipping, free book rentals via Kindle and the add-on to rent or buy digital movies and TV shows for an additional fee providing newer content overall than on Netflix.Continue reading...