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Troubled Blockbuster to close 160 UK stores

Troubled Blockbuster to close 160 UK stores
160 stores to go. Will anyone notice?

High street video rental chain Blockbuster will shutter 160 of its UK stores following its collapse into administration.

Last week the company gave notice of closure for 29 of its 528 outlets. Now an additional 131 will get the chop.

The stores will not close immediately, but 760 of the company's 4,190 staff are now facing redundancy.

Administrator Deloitte has vowed that Blockbuster will continue trading while the search for a buyer continues.

Inevitable consequence

Joint administrator Lee Manning said: "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."

Blockbuster's woes followed the collapse of photography chain Jessops and entertainment retailer HMV in what is proving to be a brutal start to 2013 for the UK's high street.