Blockbuster stores shuttered as hopes for buyer fade

Administrators Moorfields Corporate Recovery revealed a further 30 stores are to shut over the next few days with 182 jobs lost in the process.

Moorfields said it has begun a phased closure of the entire estate.

The administrator is still hoping for late offers for all or parts of the business, but said it had not received any “acceptable” bids so far, The Independent reported.

More than 100 of Blockbuster’s 264-store estate has now been shut, with more than 630 jobs cut from its 2,000-strong staff.

Joint administrators Simon Thomas and Nick O’Reilly of Moorfields said: “It is unfortunate that we have been unable to secure a buyer to date, and therefore we have had to take the decision to make further store closures.

“We are continuing to review the profitability of the portfolio and may have to make further closures over the next couple of weeks.”

Moorfields said more than 30,000 refunds have been made to customers for goods and services not received since the DVD and game rental chain’s second administration of the year earlier this month.

Blockbuster initially collapsed into administration in January, when it had 528 stores in the UK employing 4,190 staff. It was rescued by Gordon Brothers Europe in March.