By Daniel Hunter

Blockbuster has been sold to Gordon Brothers Europe for an undisclosed amount.

Under the terms of the transaction 264 stores will be retained along with around two thousand jobs. The brand will be licensed from US based Blockbuster LLC.

“Having identified a profitable core portfolio of stores we are pleased to have achieved this sale for creditors," Lee Manning, Joint Administrator, said.

"Together with the previously announced store sales more than half of the original estate has been secured for ongoing use. This transaction provides Blockbuster a future in the UK and we owe a special vote of thanks to all the Company's employees, suppliers and customers for helping us rescue the business.”

Lee Manning, Matthew David Smith and Neville Kahn, partners at Deloitte, the business advisory firm, were appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster, the DVD and video games rental Company on January 16 2013.

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