New Westminster will likely soon be losing its Blockbuster store as the company's receiver has announced it will shut down its remaining 253 Canadian stores.
Receivership firm Grant Thornton Limited applied to the Ontario Superior Court Wednesday to approve an "orderly wind-down of the company's operations," according to a press release.
The court is scheduled to make a decision on the matter on Tuesday Sept. 6. If approved, the store closing process would start "within a few days," the release states.
The announcement means customers still holding Blockbuster Canada gift cards or other loyalty rewards only have a few days to use them before Blockbuster can no longer honour them.
New Westminster's Blockbuster store has been in business at 700 Sixth St. since 1996.
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," the release states.
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.
The manager of New Westminster's Sixth Street Blockbuster location could not comment on the news.
"We appreciate the ongoing support and wish to thank Blockbuster Canada Co.'s employees, customers, suppliers and other stakeholders during this difficult period," said Michael Creber , a Grant Thornton Limited partner, in the release.
