VIDEO RENTAL SERVICE Blockbuster will close all of its remaining UK shops before Christmas, the retailer's administrator announced on Thursday.
News of Blockbuster re-entering administration surfaced at the end of October, with the firm admitting that it had been hit hard by digital alternatives such as iTunes and Netflix. When it entered administration for the second time, Blockbuster had 264 stores and a 2,000 strong workforce, but due to closures since then it has just 91 shops remaining.
The company's administator has now dealt the bad news that all 91 remaining Blockbuster stores will be closed by 16 December, resulting in 808 job losses.
The administrator, Moorfields Corporate Recovery also said that all of the company's remaining inventory will be sold by close of business on 15 December, with up to 90 percent discounts.
"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 Simon Thomas and Nick O'Reilly of Moorfields Corporate Recovery.
"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."
Blockbuster's closure comes after the firm struggled to compete as consumers switched to online services such as Netflix and Lovefilm. The administrator also cited "high business costs" as another reason behind the company's demise.
A FAQ at the Blockbuster website offers some information for those who still visit Blockbuster shops. µ
Tags: Digital Media
Sign up for INQbot – a weekly roundup of the best from the INQ