More Blockbuster closures announced

By Ross Findon

Thursday, December 5, 2013

 

MORE Blockbuster closures have been announced nationally today.

The DVD and game rental and sales business has confirmed a further 62 closures today  (Thursday) leading to 427 job losses.

Administrators Simon Thomas and Nick O’Reilly of Moorfields Corporate Recovery LLP have warned however, that unless a buyer comes forward, the remaining stores will shut.

In a statement issued today they said: "Unfortunately we have still not received any acceptable offers so as a result we may be forced to close the remaining 91 stores affecting 808 employees.  

"With the Chancellor’s Autumn Statement due later today Moorfields are urging the Chancellor to take urgent action on business rates as retailers continue to struggle.

"Whilst the difficulties faced by TS Operations t/a Blockbuster are not solely due to the burden of business rates the group was paying a sizeable £3.8m on a turnover of £40m. Even if, as speculated, the rates increase were capped at 2% Blockbuster would have faced an increase of £75,000 on an already considerable £3.8m."

*It was initially reported the Island had two remaining Blockbuster stores, in Shanklin and Ryde, however it has since been confirmed locally that they have closed in the last two weeks. Thank you to readers for contacting us about this.

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by alan naylor

6th December 2013, at 20:42:29

With the intreduction of red box it was always downhill for Blockbuster from the get go

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by Russell Palin

5th December 2013, at 19:36:02

The railway will have to go mono rail then...

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by Scott Angles

5th December 2013, at 11:22:53

That's some top reporting. By the way, Shanklin closed two weeks ago.

Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.

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