That means over 800 people will lose their jobs. This decision comers after administrators Moorfields Corporate Recovery couldn’t find any party interested in buying Blockbuster.
The incredible rise of online streaming companies such as Netflix and Lovefilm in the UK steadily eroded traditional rental businesses leaving Blockbuster to stand alone.
”It is with regret that we have to make today’s announcement, we appreciate this is a difficult time for all concerned and would like to thank staff for their professionalism and support over the past month,” said joint administrators Simon Thomas and Nick O’Reilly, reports the BBC.
”Unfortunately, we were unable to secure a buyer for the group as a going concern and as a result had to take the regrettable action to close the remaining stores.” Additional store closures had been announcement just last month. Before financial troubles erupted for Blockbuster they operated 528 stores in the UK.
