Report: Blockbuster seeking buyer for European operations

New York City Blockbuster is putting its European stores up for sale, according to reports.

The struggling movie rental company plans to shed its 650 British stores, along with locations in Denmark, Italy and Ireland, in an effort to raise cash, the Sunday Times reported. The newspaper said Blockbuster hired Winchester Capital to find a buyer.

According to the article, Blockbuster values its European operation at about 50 million pounds, or around $78 million.