Last month, Blockbuster announced that all of its stores in the U.S. would be closing. Now, the shut downs have spread across the pond where the company revealed it would be shuttering retail operations in the UK, too.
Blockbuster had been operating stores in the UK for 24 years, but as consumer demand continues moving to digital, the stores have been forced to close. Private-equity firm Gordon Brothers Europe sought to revive the brand after it bought the unprofitable U.K. chain from Moorfields Corporate Recovery, LLP in March. The turnaround effort did not work, causing the retailer to fall back into the hands of administrators last month. The company has attempted to find another buyer for the rental chain, but the search was unsuccessful.
There are 153 remaining Blockbuster stores that will be closed, which will also lead to the loss of more than 1,200 jobs. Blockbuster store closures had been happening slowly throughout the year. In January, Blockbuster had 528 stores in the UK employing 4,190 staff. The next round of closures is reported to begin as early as tomorrow and continue through the weekend.
For more see:
This Bloomberg article
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