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| Blockbuster announces closure of 129 stores | Blockbuster announces closure of 129 stores |
| (35 minutes later) | |
| DVD rental firm Blockbuster is to close 129 more stores after it went into administration earlier this month. | |
| It had already given 31 stores notice of closure. The chain has 528 stores and employs 4,190 staff. | |
| Deloitte, the accountancy firm running Blockbusters, said 760 staff are now facing redundancy, but the closures are not taking place immediately. | |
| The administrators have previously said Blockbuster UK would keep trading while it tries to find a buyer. | The administrators have previously said Blockbuster UK would keep trading while it tries to find a buyer. |
| 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. | 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." | "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 administrators said that "a dedicated employee helpline" had been set up, as well as an "employee assistance programme to help those staff facing redundancy find other jobs". | The administrators said that "a dedicated employee helpline" had been set up, as well as an "employee assistance programme to help those staff facing redundancy find other jobs". |
| Expansion planned | |
| The first Blockbuster store in the UK opened in south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles. | The first Blockbuster store in the UK opened in south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles. |
| But the firm's profits have been hit by the growth of online rental services an, recently, the popularity of streaming films over the internet. | But the firm's profits have been hit by the growth of online rental services an, recently, the popularity of streaming films over the internet. |
| More than 100 Blockbuster UK outlets have closed in the past few years. | More than 100 Blockbuster UK outlets have closed in the past few years. |
| Blockbuster in the US went bankrupt in 2011 but was rescued by US pay-TV provider Dish Network in a $320m (£200m) deal, which saved hundreds of US stores from closing. The UK arm is also owned by Dish Network and run separately. | Blockbuster in the US went bankrupt in 2011 but was rescued by US pay-TV provider Dish Network in a $320m (£200m) deal, which saved hundreds of US stores from closing. The UK arm is also owned by Dish Network and run separately. |
| Before Blockbuster was bought by Dish Network, there were media reports of ambitious expansion plans, including selling electrical goods such as televisions, mobile phones, and iPods. | Before Blockbuster was bought by Dish Network, there were media reports of ambitious expansion plans, including selling electrical goods such as televisions, mobile phones, and iPods. |
| But business experts said Blockbuster's problems were all too similar to those hitting other retailers - a failure to adapt quickly enough to a changing business environment and consumer habits. | But business experts said Blockbuster's problems were all too similar to those hitting other retailers - a failure to adapt quickly enough to a changing business environment and consumer habits. |
| Blockbuster's administration came after music chain HMV and camera-seller Jessops both went into administration earlier this month. | |
| Are you affected by the closure of Blockbusters stores? You can share your experience in the form below. |