Morrisons snaps up Blockbuster stores

Supermarket Morrisons has reporteldy acquired 49 stores from collapsed entertainment chain Blockbuster.

While the transaction may not prevent any of the job cuts already announced by administrators Deloitte, Morrisons does plan to create around 1,000 jobs as it reopens the shops as convenience stores.

The UK's fourth-biggest grocer also announced the rebranding of its M Local convenience business to Morrisons M local.

The Blockbuster deal, for an undisclosed sum, follows the recent acquisition of seven stores from collapsed camera retailer Jessops as Morrisons takes advantage of quick access to high-street locations to build up its convenience chain.