Sat, Jan 19, 2013 | 14:41 GMT
Blockbuster administrator to shut 160 stores, 30% of workforce affected
Deloitte has confirmed 160 Blockbuster stores will be closed as part of the administration process announced earlier this week.
Joint administrator Deloitte confirmed to MCV the closure of and additional 129 stores along withe the previously announced closure of 31 locations.
The reduce the number of locations to 368, cutting the workforce by 30%. Stores affected will be hosting sales to help relieve the chain of inventory while Deloitte tries to find a buyer for the chain.
“The Joint Administrators continue to review the profitability of the store portfolio and announcements of further closures may be made in coming weeks,” the firm said, adding it that an Employee Assistance Program has been set up to help those affected find new work.
Before going into administration, Blockbuster executives had already planned to shutter some stores to help curb financial woes, but ran out of time before the plan could be executed.