49 Blockbuster stores bought by Morrisons

Morrisons has announced that it has bought up 49 stores from the recent failed Blockbuster chain, in an aim to build a new convenience store franchise. The Blockbuster stores will be converted to “Morrisons M” local shops and are planned to be opened in London and the South East by late summer, creating around 1,000 jobs. The firm has not made any formal commitment to the previous Blockbuster staff however, has stated that it “would be delighted if they wanted to apply for jobs at the new stores”. Morrisons has declared its intention to open 70 “Morrisons M” local shops by the end of this year. Nationally, the firm has about 11% market share, but in the South it is just 6%. Gordon Mowat, head of Morrisons Convenience, said “We are rolling out the Morrisons M local estate at pace this year, and these acquisitions give us a kick-start in securing a solid foothold in this key sector.” The move comes as Morrisons aim to capture more of the South East of England market. The firm is also expected to announce the launch of its new online delivery service when it unveils its full-year results on the 14th March. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with business law solicitors in Birmingham and across the country.