Fri, 13 Dec 2013 | BUSINESS SALE
Blockbuster's stock sale will be winding up over the next few days as the company looks set to essentially disappear from the high street by the year.
The video and DVD rental chain entered administration back in October following a period of poor trading performance across both rental and retail sales.
Unfortunately, administrators at Moorfields Corporate Recovery have been unable to find a buyer for the distressed business since they were appointed. As a result, the business has slowly been sold off and closed down.
Now the final 91 stores in the firm's portfolio are to be shut down by end of the year unless a last minute buyer emerges.
Sky News reported that a stock sale is on the cards with discounts of around 70 per cent expected, although some stock will be reduced by as much as 90 per cent. Rentals from the shops will be stopped as this takes place.
Simon Thomas and Nick O'Reilly, Blockbuster's joint administrators, commented on the state of the business: “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.
“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 been operating in the UK for nearly 25 years after it was brought over as a concept from the US when VHS players became popular. However, in recent years companies like LoveFilm and Netflix proved significant competition and the firm was unable to catch up fast enough to stay in the game.
____________________________________________________________________________
Related information:
Blockbuster has another turn in administration
Blockbuster enters administration
How to turn around a struggling business
This established professional company offers a robust income stream from residential and commercial management, complemented by sales and surveying services.
The business has been solving access problems for its industrial, commercial and domestic clients since 1977. The company hires and erects aluminium scaffold towers, bridging units, cantilever and facade scaffolding plus staircases. All scaffold towe...
Close to the ancient town of Romsey in Hampshire which has a population of around 17,000. The massive Norman Abbey dominates the town and the Market Place, dating from shortly after the Abbey, retains much of its original shape. With easy access from...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.