Administrators announce Blockbuster closures

By a County Press reporter

Saturday, January 19, 2013

 

ADMINISTRATORS for entertainment rental firm Blockbuster have announced plans to close 129 stores.

The closures will be in addition to 31 stores that were already due to close, including Cowes. 

It is not yet know whether the Isle of Wight's three other Blockbuster stores, in Ryde, Shanklin and Newport, will be among the 129 further casualties.

Blockbuster has 528 stores across the UK.

A spokesman for administrators Deloitte said: "The joint administrators continue to review the profitability of the store portfolio and announcements of further closures may be made in coming weeks.

"Whilst staff in those stores affected by the closures will be facing redundancy, the closures are not taking place with immediate effect. 

"A dedicated employee helpline is in place and the company is running an employee assistance programme to help those staff facing redundancy find other jobs.

"Stores will remain open for business as usual and customers will be notified in advance of closure so that they can return their outstanding rental items beforehand. The standard terms and conditions remain in place during this time."

Lee Manning, joint administrator, added: "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."

Employees can contact the employee helpline on 0845 302 2547.

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