Blockbuster Shuts 129 Shops And Slashes Staff
The collapsed DVD and games rental firm Blockbuster is to close 129 of its 528 shops and axe 760 workers in the coming weeks.
Some 31 branches have already been put on notice of closure, according to the company's administrators Deloitte.
The move means the chain is already planning to close a quarter of its branches and make 18% of its workforce redundant.
It was announced just days after the chain went into administration in a run of bad news for the British high street.
There will be fears that this is just the first step in taking apart a company that employs more than 4,000 people in the UK.
Lee Manning, of administrator Deloitte, said: "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.
"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."
An employee helpline and an "employee assistance programme" have been set up to help staff find other jobs.
The firm's trading woes were blamed on competition from internet firms and digital streaming of movies and games.
Blockbuster had struggled to adapt to the changing market and rivalry from internet retailers including Netflix, Amazon's LoveFilm and iTunes, which now offers a movie rental service.
Its collapse came after its own plans to break into film-streaming appeared to stall in recent months.
It follows the demise of camera chain Jessops and electricals group Comet, which also blamed competition from online players for their downfall.
Just a day before Blockbuster went into administration, the music and entertainment chain HMV went under following dismal Christmas sales.
what do you think?
Feel sorry for those who are going to lose their jobs
Daine. Absolutely. But I fear that it will only get worse over the coming months. It looks a little more hopeful at HMV for your lad though
Hopefully so,He does not know anything yet,one thing that could go in his favour he is the only one in the stockroom and if someone does takeover company the store here takes a lot of money
Why the negative feedbacks for Dianes comment? Strange people around these days
I am used to it least my posts are being read. Think it's the name that does it
Like me she has her own little fan club. She could announce she is donating £1 million to charity and still get thumbed down.
Lorgar you let my secret out ha ha
Take no notice some people just love drama/creating it...
Some come here to comment on and pick holes in the comments of others. Sometimes if I see meanness, it's nice to turn a few of those thumbs the other way around!
Thanks guys I know some don't like my views. To give thumbs down for people loosing tbeir jobs is very insensitive
Your very welcome :o) Deffo insensitive I agree.Some people just don't care as long as isn't them.What goes around comes around x
Most of the workers i know, generally feel insecure, since Hansel and Gretel took over the reigns. Thatcherism might balance the books, but what good is a nice debt free account, if you can't buy food, due to unemployment.
We all should get a job in a bank as the government only help banks in times of trouble and don't care about any other
I think I got about two films from there during the 1980s. I think it's obvious why I didn't bother buying any more.
In excess of 250,000,000 videos were downloaded during last year, I read. The technology has changed. The same will happen to the TV cable and satelite distributors during the next 2 years. Apple want to be in our lounges as well as on our computers.
Im sad to hear blockbuster go from our high streets I miss all staff and seeing the shop that we depended on for years I hope all staff find the job's they will enjoy for the further good luck everyone who kept blockbusters running from Serena
I am one of the stff members of blockbuster whose store is closing and the way they went round telling us was appalling we were made to find out from the news rather than from the hierarchy.
Feel sorry for you. Our son works for HMV he is still waiting to find out what is happening to them.Hope you find something else
How's the studying going ffreem200??
ffreem it's rotten to be treated like that abd seems to be happening more and more with staff always being the last to know. Good luck with getting something else
If only the management had jumped on the download market. I always like to have a wander round Blockies being an avid film buff and gamer. Sad times.
Thank you for everyone and there kind words. As for the studying I am 3 n a half years in to a 5 year course and may have to drop out due to the need of a part time job
Ffreem can you get a suspension of studies if the worst comes to the worst and you can't find anything else quickly? My son did that halfway through his degree because i was gravely ill and he could not concentrate. Try everything but don't lose the time you have put in so far. Lots of luck x
Bad luck, Ffreem. I hope something else comes along quickly. Once, being forced to leave a job was the best thing that could, in the long run, have happened for me. I hope it happens for you! x
Aww, best of luck to you. I hope all goes well for the future. X
I am hoping that I can transfer my credits over to open university and possably finish my degree that way I know it will cost but better to finish than stop. Thanks again for positive feedback.
It's way out of control now. Almost every single sector is facing hammerings daily. I really can't see how things can improve. I would like for some HMV, Blockbuster or similar work syndicate's Lotto numbers to come up but it would have to be fast before they can't afford them, either, as they hike in price by 100%! I don't envy these workers, on low wages already and so less likely to have been able to save anything, struggling to eat or travel at extortionate cost. Nightmare.