New Westminster's Blockbuster store has rented its last movie as the bankrupt company will soon disappear from Canadian cities for good.
The Ontario Superior Court approved an application by receivership firm Grant Thornton Limited on Wednesday 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, spokesman for Grant Thornton Limited in a press release.
The rental chain's demise is not without its silver lining for movie and video game collectors who can soon take advantage of Blockbuster selling of its remaining stock in a hurry, starting Friday.
"As part of the orderly closure process, Blockbuster Canada Co. will be conducting a final clearance sale for its entire inventory, including movies and games, all at a significant discount, after which the company's remaining stores will close," the press release states.
The announcement also means customers still holding Blockbuster Canada gift cards or other loyalty rewards are out of luck as Blockbuster can no longer honour them as of Friday.
New Westminster's Blockbuster store has been in business at 700 Sixth St. since 1996. The manager of New Westminster's location could not comment on the news or say how many local employees will lose their jobs.
Those who still want to rent a movie in the conventional way in New West are now running out of options. Rogers Plus is still renting at its 1065 Columbia St. location and Joey's Video Stop at 936 12th St. is the last independent bricks-and-mortar video rental shop in the city.
Blockbuster Canada was placed into receivership by an Ontario court May 27 in the face of US$70 million in claims from various movie distributors, including Hollywood studios that provide its DVDs, and other suppliers. It closed 150 "underperforming" Canadian stores at the time, but New Westminster's location was spared.
Grant Thornton had attempted to sell the rest of a business as a going concern but, "ultimately, an agreement with a suitable purchaser willing to make the necessary investments in the business as a going-concern could not be reached," a previous release stated.
The company blames its slow death on "changes in Blockbuster Canada's competitive landscape."
Traditional movie rental has faced numerous challengers for market supremacy in recent years including both illegal and legal downloading of movies from the Internet and streaming services like Netflix, delivery-by-mail movie rental businesses like CineMail and automated movie rental kiosks in malls and grocery stores.
Blockbuster's American parent company, which continues to run 1,500 stores in the United States, said it has plans to offer Canadian customers "exciting new ways to access movies and games before year end," though it did not specify what that meant.
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