November 27 2014 Latest news:
Tuesday, January 22, 2013
Administrators reveal stores to close in the coming weeks, but North Devon’s only store is not among them.
THE Barnstaple Blockbuster store is not facing immediate closure in the wake of the movie rental giant going into administration.
The administration of Blockbuster UK was announced on Wednesday and on Saturday administrators Deloitte released a list of 129 stores that would initially close.
The Barnstaple store on North Walk is not among them, but joint administrators appointed by Deloitte have said more closures may happen in the coming weeks as they continued to review the remaining stores.
The DVD and video game rental chain had 528 stores across the UK employing 4,190 staff. The 129 stores announced on Saturday join an additional 31 already on notice for closure.
In recent years Blockbuster had faced increased competition from the internet with the shift to digital streaming of movies and games.
“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,” said joint administrator Lee Manning.
“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.”