Blockbuster Sells Off Irish Retail Chain Xtra-vision for $45M

Authored by Mark Hefflinger on August 28, 2009 - 7:55am.

Dallas - Blockbuster (NYSE: BBI) announced on Friday that it has sold its Xtra-vision Limited entertainment retail store chain in Ireland to Birchhall Investments Limited for up to $45 million in cash.

Blockbuster initially acquired Xtra-vision, which operates 186 stores in the Republic of Ireland and Northern Ireland, in 1997.

The company said it will use proceeds from the sale for incremental liquidity.

"Today's announcement furthers our goal of improving liquidity and underscores our intent to advance the sale and licensing of our international assets as we focus on the continued transformation of our North American business," said Blockbuster chairman and CEO Jim Keyes.

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