Blockbuster administrators announce closure of a further 62 stores
Blockbusters, the video rental chain which is now just bust, has been forced to close a further 62 stores and shed 427 jobs as part of a phased wind-up of operations instructed by its administrators.
The latest round of closures leave the High Street chain with a rump estate of just 91 stores and 808 jobs which also share an uncertain fate after administrator Simon Thomas and Nick O’Reilly of Moorfields Corporate Recovery warned they would also close if no ‘acceptable offer’ was made.
As recently as January Blockbuster had 528 stores and 4,190 staff but competition from Amazon’s Lovefilm and Netflix together with on-demand services from Sky and Virgin Media have left it struggling to compete.