Blockbuster Canada Co. was placed into receivership on May 3 and the Penticton store is on the list of those in the process of being closed.
A list released on Sept. 9 by the receiver shows that pursuant to a receivership order of the Ontario Superior Court of Justice stores in all provinces are affected. In the Okanagan, the Penticton, Kelowna Lakeshore, Westbank, Rutland and Vernon locations are all slated to be closed.
As a result of the significant changes in Blockbuster Canada Co.’s competitive landscape, the company’s “bricks and mortar,” business model has experienced significant challenges over the last few years, largely due to the proliferation of various alternatives available to media consumers in Canada.
In connection with the store closures, Blockbuster Canada Co. gift cards will no longer be honoured at any closing location.
The Blockbuster Canada website shows stores are selling off product at a discounted price including 25 per cent off all film items (DVD and Blu-Ray), 15 per cent off all games, hardware and accessories and 25 per cent off all electronics, connection and general merchandise.
On Sept. 7, the Ontario Superior Court of Justice issued an order authorizing Grant Thornton Ltd., to, among other things, conduct an orderly closure process for Blockbuster Canada Co.’s remaining 253 retail stores and related operations.
“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 Ltd.
U.S.-based Blockbuster L.L.C. (“New Blockbuster”) purchased the assets of Blockbuster Canada Co.’s U.S. 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.