Blockbuster received bid for £179.9m as it puts itself up for auction

Troubled entertainment retailer Blockbuster has put itself up for auction and has received a bid from a consortium for $290m (£179.9m). The US chain has reportedly agreed to sell itself to Cobalt Video Holdco in a deal that includes its UK operations. Blockbuster chairman and chief executive Jim Keyes said: “By initiating a sale process at this time, we intend to accelerate our Chapter 11 proceedings and move the company forward. This will allow for the consolidation of ownership of the company to those with a clear and focused vision for Blockbuster’s future.”