Moorfields administrators to close all Blockbuster stores

by Rachael Singh

More from this author

05 Dec 2013

  • Comments
blockbuster

MOOREFIELDS ADMINISTRATORS are to close all the remaining Blockbuster stores by the end of the year.

The company collapsed for the second time in a year with Simon Thomas, and former insolvency trade body R3 president Nick O'Reilly appointed joint administrators to TS Operations, which traded as Blockbuster.

Earlier this year Deloitte administrators sold the company to Gordon Brother Europe which included 264 stores and about 2,000 employees. However, since Moorfield administrators were called, they have closed more than 100 stores.

The administrators have now said that they are to close all remaining stores which will affect more than 800 staff.

A statement from Thomas said that they had not received any acceptable offers and "we may be forced to close" the remaining stores.

He also argued that given the chancellor's autumn statement did not go far enough with a cap on business rates of 2%.

"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," he said.

"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.

All rental activity will cease from Saturday and stock sold at discounts of up to 70%, Sky News reports.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.