Blockbuster Hires Advisors, US Virgin Megastores to Close

posted on 2009-03-05 23:57 EST

The American home video chain Blockbuster has hired Kirkland & Ellis, a law firm that specializes in preparing bankruptcies arrangements, as financial advisors. However, a company spokesperson said that Blockbuster is not planning to file for bankruptcy.

In a separate development, all remaining Virgin Megastores in the United States will close by end of this summer — although only six are still left operating now. Vornado Realty Trust and Related Cos., bought the store chain in 2007 and has closed five of the 11 stores that had been running that year. No similar plans have been announced for the Virgin Megastores in other countries.

Source: ICv2

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