Deloitte administrators to close 164 Blockbuster stores
Latest announcement takes total store closures to around 224
DELOITTE ADMINISTRATORS have confirmed they intend to close 164 Blockbuster stores.
The latest closures are the result of an ongoing review of the portfolio and follow discussions with landlords and interested parties, the joint administrators said.
Including the additional 164 stores, a total of 324 outlets will have been closed since Blockbuster collapsed at the start of the year.
The DVD rental company had 528 stores at the time of collapse and employed 4,190 people. It is likely there will be around 2,300 redundancies from the store closures.
Insolvency trade body R3 president and Deloitte partner Lee Manning (pictured) was appointed administrator in January alongside Neville Kahn, a Deloitte partner who was also appointed to the administrations Comet and HMV. They are joined by Deloitte partner David Smith.
Manning said: “We have continued to review the performance of individual stores since our appointment a month ago and have concluded that further closures are necessary in order to restructure the company for sale. We would like to thank the company’s employees for their support and professionalism during this difficult time and we are also grateful for the continued support of customers.
“We are in discussions with a number of parties interested in purchasing all or parts of the business and will update on progress in due course.”