News in brief: Blockbuster closes 62 more stores, Apax puts two into chief executive role, Shipping giants in talks on a merger
Video rentals chain Blockbuster confirmed that 62 more stores are to close today with the loss of another 427 jobs.
Adminstrator Moorfields Corporate Recovery said it had not found a buyer for the company’s last 91 stores which could well lead to a further 808 job losses. The administrators said business rates had partly contributed to Blockbuster’s collapse having cost the chain £3.8 million on turnover of £40 million last year.
Apax puts two into chief executive role
Private equity giant Apax Partners has named Andrew Sillitoe and Mitch Truwit as co-chief executives.
They will replace Martin Halusa, who becomes chairman in January before retiring once the firm completes investing the €5.8 billion (£4.8 billion) fund it raised this year. The company said: “Andrew and Mitch have distinguished themselves as two of the firm’s best investors.”
Shipping giants in talks on a merger
Two of the world’s biggest container shipping lines today admitted that they are in merger talks to try to overcome a slump in trade that has left the industry struggling.
Shares in Chile’s CSAV jumped by 15% after it said that it was talking to Germany’s Hapag-Lloyd, which has a fleet of 152 vessels. Hapag-Lloyd is owned by a group of investors including Tui AG, HSH Nordbank and Hamburg city.
