Bad news for Blockbuster UK staff ahead of Christmas.
Blockbuster has been struggling for years, but it looks like the company's UK operations is finally done for. Moorfield's Corporate Recovery today announced the closure of the remaining Blockbuster stores in the United Kingdom.
"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, joint administrators. "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 had only 91 stores left operating in the UK after entering administration in January this year. It was rescued by Gordon Brothers in March. At that point, Blockbuster had 264 stores in the UK. Moorsfield says all remaining stock will be sold by this coming Sunday, December 15, with the help of hefty discounts (up to 90 percent off sale prices). Though it's not mentioned in the official release, Pocket-Lint reports that 808 people will lose their jobs.
Blockbuster filed for Chapter 11 bankruptcy in the United States back in 2010 and its assets were purchased by Dish Network in a $320 million bankruptcy court auction in April of 2011.