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Harborough Blockbuster store not on closure list

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THE HARBOROUGH branch of DVD rental firm Blockbuster is not on a list of 129 stores set for closure after the firm went into administration.

Administrators Deloitte confirmed on Saturday plans to close the stores over the coming weeks in what it calls a ‘phased closure’.

The firm confirmed today (Monday) that the Harborough store is not on the list of those to close.

Lee Manning, joint administrator, 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.”

Lee Manning, Matthew David Smith and Neville Kahn, partners at Deloitte, the business advisory firm, were appointed joint administrators to Blockbuster on January 16.

Deloitte said Blockbuster had suffered increasing competition in recent years from internet firms and the increasing popularity of digital streaming of movies.

The business will continue to trade as normal while Deloitte attempts to find a buyer, it said in a statement.

Mr Manning said: “In recent years Blockbuster has faced increased competition from, internet based providers along with the shift to digital streaming of movies and games.

“We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.

“The core of the business is still profitable and we will continue to trade as normal in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern. During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods.”

 

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