Administrator says cuts ‘an inevitable consequence’ of restructuring at crisis-hit DVD rental chain
The collapsed DVD and games rental firm Blockbuster is to close 129 of its 528 stores in the coming weeks and make 760 of its 4,190 employees redundant, its administrator confirmed on Saturday.
Thirty-one stores have already been put on notice of closure with a number of closing-down promotions announced.
Lee Manning, of administrator Deloitte, 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.”
The administrator said an employee helpline and an “employee assistance programme” were in place to help staff find other jobs.