Collapsed DVD and games rental firm Blockbuster is to close 129 of its 528 stores in the coming weeks and make 760 of its 4,190 employees redundant , its administrator confirmed today.
Thirty-one stores have already been put on notice of closure with a number of closing-down promotions announced.
Lee Manning, of administrator Deloitte, said: “Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold.
“We would like to thank the company’s employees for their support and professionalism during this difficult time.
“We are also grateful to the customers for their continued support.”
The administrator said an employee helpline and an “employee assistance programme” are in place to help staff find other jobs.
The firm’s trading woes were blamed on competition from internet firms and digital streaming of movies and games.
Choosen excerpts by Job Market Monitor from
THOUSANDS of jobs are at risk after DVD rental firm Block-buster UK yesterday became the latest high street chain to go into administration. The company, which employs 4,190 staff, including more than 300 in Scotland, follows music retailer HMV, which called in administrators earlier this week. The Uxbridge-based business, which opened its first store in … Continue reading »