Jobs in Exeter, Exmouth and Newton Abbot have been saved after a deal was reached to secure the future of stricken DVD rental chain Blockbuster.
TS 1973 Investment Holdings Limited, a subsidiary of global private equity and investment company Gordon Brothers Europe, has acquired the business and assets of Blockbuster Entertainment Ltd and Blockbuster GB Ltd.
The new owners have said it is business as usual for the 264 remaining Blockbuster stores across the UK and Channel Islands and that more than 2,000 jobs have been saved.
Branches in Cowick Street, Exeter, Chapel Street, Exmouth, and Queen Street, Newton Abbot are understood to be among those saved, but the deal came too late for the shop in Fore Street, Heavitree, which has now closed.
Gordon Brothers Europe has promised "substantial investment" in enhancing the customer experience through the use of new product offerings, new technologies and better basic retailing as it aims to make Blockbuster a viable business once again.
Former HMV UK and Ireland commercial director Gary Warren has been appointed as managing director of Blockbuster.
Frank Morton, chief executive of Gordon Brothers Europe, said: "We are delighted to announce the acquisition of Blockbuster. We acknowledge the industry is in transition; we know that we have a challenge ahead but there is still a market to be served.
"Blockbuster has a strong brand affinity and we believe that with the right mix of new product offering, new technologies, strategic management and marketing, we can bring new life to this high street staple. We look forward to working with employees, suppliers, landlords and other stakeholders to make this happen."
When it went into administration in January, Blockbuster employed 4,190 people at 528 stores nationwide.
