Deloitte has this morning confirmed it will close at least 160 Blockbusters stores as part of the rental chain’s administration process.
Management pre-administration had already planned to shut down around that many stores to shape up finances, but ran out of time before going bust earlier in the week.
Deloitte this morning said it would close 129 extra stores on top of a planned 31 closures.
That would take the retailer’s store count down to 368 and reduce the workforce size by around 30 per cent.
It has not yet been confirmed which stores are to be closed – MCV has requested the firm details and will publish them as soon as they are supplied.
Stores won’t close immediately, with closing down sales likely to be announced soon, Deloitte said.
But that may not be the end of the pain as Deloitte looks to see if it can find a buyer. "The Joint Administrators continue to review the profitability of the store portfolio and announcements of further closures may be made in coming weeks," it said.
It also said it is running an Employee Assistance Programme will help redundant staff find jobs.
Employees should contact the helpline on 0845 302 2547 for more information.
Lee Manning, joint administrator, added: Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the Company to a profitable core which is capable of being sold.
"We would like to thank the Company’s employees for their support and professionalism during this difficult time. We are also grateful to the customers for their continued support.”