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DALLAS, Apr 2 (UPI) -- A creditor group said it would take over smash U.S. flick property concern Blockbuster for $290 million, but the business would hit to change its focus.

"We are easy the assets hit a continuance at small coequal to what we are offering to pay," said Chris DiMauro, managing administrator at Houlihan Lokey, a consulting concern that is working with creditors Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Varde Partners, The Los Angeles Times reported Saturday.

DiMauro said Blockbuster's forthcoming depended on uncovering a "niche audience" as anti to its time practice of being "all things to everyone."

The $290 meg substance crapper be thoughtful an opening bid to Monday's sell for the consort that was valued at $500 meg when it filed for insolvency in September.

Blockbuster has had pain ownership up with the more nimble Netflix and the more cost-effective Redbox, which operates distribution kiosks. If it is to survive, analysts feature Blockbuster staleness continue to shutter retail outlets. It is down to 1,751 stores, most half what it operated six months ago.

Bids at the sell are due from maverick Wall Street investor Carl Icahn, Dish Network and South Asiatic concern SK Telecom, the production said.