Burnaby Heights is losing its only video store. Blockbuster at 4191 Hastings St. is in the process of shutting down.
The Ontario Superior Court of Justice issued an order Wednesday authorizing receivership firm Grant Thornton Limited to start the closure process for all of the company's 253 stores in Canada, according to a press release sent out by the company.
"The court's decision has brought finality to Blockbuster Canada's receivership proceedings," said Michael Creber, media spokesperson for Grant Thornton Limited, in the release. "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."
The news is bittersweet, though, as it means all of the store's stock went on sale as of today.
However, gift cards, and the store's loyalty and rewards programs, will no longer be honoured by the company.
The Hastings Street location has been open since 1994. A second location at 5900 Kingsway, also opened in 1994, closed its doors in September 2010.
The likely shutting down of all of Blockbuster's stores in Canada was announced by Grant Thornton in a press release last Wednesday.
"Changes in Blockbuster Canada's competitive landscape" was the reason given for the store closures.
Blockbuster Canada was placed into receivership by an Ontario court on 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 the North Burnaby location was spared.
Grant Thornton attempted to sell the rest of the business 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 previous release stated.
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.
Staff at the Burnaby Heights Blockbuster were told to direct all media calls to Creber in Toronto, Ont. Creber did not respond to the NOW's request for more information.
