Morrisons to buy 49 Blockbuster stores
(Reuters) - British supermarket chain Wm Morrison (MRW.L) said it has bought 49 stores from the administrators of failed DVD-rental chain Blockbuster but did not disclose the terms.
Morrisons, UK's fourth-largest grocer, said it will convert the stores into small 'local' supermarkets under the M local name and hopes to have the stores up and running by the end of the summer.
The company, which is underperforming rivals and posted a weak Christmas update, has been diversifying into non-food, e-commerce and convenience stores and plans to open at least 70 M local convenience stores by the end of the year.
Earlier this month, Morrisons bought seven stores from collapsed British camera retailer Jessops as part of plans to expand into the convenience store sector.
(Reporting by Abhishek Takle in Bangalore; Editing by Diane Craft)
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