The troubled rental chain, Blockbuster currently has 264 outlets all over United Kingdom but that is soon to change. They will be closing down 72 of the Blockbuster Stores, The administrator of Blockbuster Stores, Moorfields Corporate Recovery told BBC News.
This is not the first time that they are cutting down on their outlets, in January this year 160 stores were closed followed by another 164 in February that made the total number of operating stores 264. After the current plan takes shape, only 192 stores will be left all over the country.
The officials agree that it was not an easy decision to make and they expected it to be extremely upsetting to the employees. After the stores are closed at least 452 people will lose their jobs.
“We must reiterate that, as part of our attempts to turn around the business, today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.”
Contextually, the stores are being shut down after the chain has failed to cope up with their poor performance in rental as well as retail section. One of the most prominent reasons behind the disastrous performance is the unbearable competition that such stores are facing at the hands of online competitors.
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