After having a severely troubling couple of years, Blockbuster is at the end of the road. With dropping sales, increasing job cuts, store closures and entering administration three times, it has been revealed that the remaining 91 blockbuster stores will close and the business will shut down completely due to the failure of securing a new buyer. All operations will be ceased by 16th December 2013 and all left-over stock will sold by the 15th December with up to 90% discount. At the height of its success, there were 528 stores across the UK.
Joint administrators, Simon Thomas and Nick O’Reilly of Moorfields Corporate Recovery, stressed their appreciation to all staff and employees for their support over the last month and said they had to take the ‘regrettable action to close the remaining stores’ as they could not find a buyer in time. Blockbuster, trading style of TS Operations, is currently owned by The Gordon Brothers.
The demise of Blockbuster has been widely publicised, with the blame primarily on the rise of online film websites, like LoveFilm and Netflix, but also because of high business rates, administrators revealed.
Blockbuster joins a number of high street retailers, like HMV and Jessops, that have failed to compete with online equivalents.