Dish Network to Write Down $46 million for Blockbuster U.K.
Dish Network will take a $46 million write-down for Blockbuster stores in Great Britain after so far failing to attract a buyer for the home-entertainment franchise.
Dish, which plans to release fourth-quarter earnings on Feb. 20, said in a filing on Friday that it has relinquished control of Blockbuster U.K., so that now U.K. “administrators” have been assigned the task of liquidating the asset and paying off creditors.
Dish acquired Blockbuster in the U.S. and certain other parts of the world in April, 2011. Last month, it said it would shut down about 25 percent of the 528 stores in the U.K. and eliminate 760 jobs.
Dish CEO Charlie Ergen had planned to turn the Blockbuster stores stateside into wireless stores, but has lamented that it has been a more challenging chore than he had imagined.
In midday trading on Friday, Dish shares were up 1 percent to $37.09.