Closing Blockbuster stores 'inevitable' say administrators
The future of the Ashby Blockbuster store and its staff could become clear in the coming weeks, administrators have said,
Yesterday, Deloitte confirmed plans to close 129 stores over the coming weeks as part of a phased closure, in addition to 31 which had already been put on notice of closure.
During this time there will be a number of closing down promotions across the stores to supplement those already on offer across the estate.
The Joint Administrators continue to review the profitability of the store portfolio and announcements of further closures may be made in coming weeks.
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Whilst staff in those stores affected by the closures will be facing redundancy, the closures are not taking place with immediate effect.
A dedicated employee helpline is in place and the Company is running an Employee Assistance Programme to help those staff facing redundancy find other jobs.
Stores will remain open for business as usual and customers will be notified in advance of closure so that they can return their outstanding rental items beforehand. The standard terms and conditions remain in place during this time.
Lee Manning, Joint Administrator, added: "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."
Deloitte, the business advisory firm, were appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster, the DVD and video games rental Company on January 16 2013.
Comments
by DFlated
Sunday, January 20 2013, 7:55PM
“WHEN is the world going to realise that technology is advancing all the time and VHS and even DVD and CD are old hat. Of course HMV and Blockbuster are going to suffer unless they embrace this change. Neither did. If Blockbuster had become a Netflix type company they may well have survived and would not be using such innovators as the reason why they are going bust.
Comet refused to price match what was on offer on the Internet (the latest way of selling all goods). They didn't embrace the changes that are happening the world over. They failed as a result. 40 years ago supermarkets started to appear but smaller retailers are still about. Much adapted but still about.”
by Mozart
Sunday, January 20 2013, 3:21PM
“Holland & Barratt will be next to go bust. Most of their products ca be bought for much less on the internet.”