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
"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
*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.