Blockbuster UK to close 164 stores
Ailing video retail business Blockbuster UK has announced the closure of 164 stores in the coming weeks.
Due to increasing competition from online firms, only 204 stores from a portfolio of 528 at the start of the year will remain.
Administrators confirmed that the remaining stores will continue to trade as usual, while looking for a buyer for the chain.
Lee Manning, Joint Administrator at Deloitte, said: “We have continued to review the performance of individual stores since our appointment a month ago and have concluded that further closures are necessary in order to restructure the company for sale”.
Mr Manning added: “We are in discussion with a number of parties interested in purchasing all or parts of the business and will update on progress in due course.”