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Administrators: Blockbuster closures 'regrettable'

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 joint administrators Simon Thomas and Nick O'Reilly

91 remaining Blockbuster stores to close by Monday

All remaining stock will be sold by Sunday with discounts of up to 90% Credit: Press Association

The remaining 91 Blockbuster stores will cease operating by Monday, with the loss of 808 jobs, it has been announced.

The chain had 264 stores and a 2,000-strong workforce when it went into administration last month but these have now all disappeared as a series of phased closures were announced.

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Blockbuster: Urgent action needed on business rates

As it announced the closure of a further 62 stores and 427 job losses today, Blockbuster's administrators called on the Chancellor to take urgent action on business rates in his Autumn Statement later.

Blockbuster plunged into administration twice in 2013. Credit: Blockbuster website

The ailing DVD rental chain - one of Britain's largest entertainment franchises in the '90s - has been plunged into administration twice this year and has failed to find a buyer.

Admistrators Moorfields Corporate Recovery said: "With the Chancellor’sAutumn Statement due later today Moorfields are urging the Chancellor to take urgentaction on business rates as retailers continue to struggle.

"Whilst the difficulties faced by ... Blockbuster are not solely due to the burden of business rates the group was paying a sizeable £3.8m on a turnover of £40m.

"Even if, as speculated, the rates increase were capped at 2% Blockbuster would have faced an increase of £75,000 on an already considerable £3.8m."

Blockbuster confirms 62 store closures, 427 job cuts

Blockbuster's administrators have announced the closure of 62 UK Blockbusters stores, with a further 427 job losses, and said the troubled DVD rental chain looks likely to close for good - with a total loss of 1,235 jobs.

We are today announcing the closure of a further 62 stores across the United Kingdom and a further 427 jobs as part of the effective phased closure as announced on 28 November.

Unfortunately we have still not received any acceptable offers so as a result we may be forced to close the remaining 91 stores affecting 808 employees.

– Blockbuster's administrators Moorfields Corporate Recovery

Blockbuster set to disappear from high street

Blockbuster is set to disappear from UK high streets after administrators failed to find a buyer with another 30 shops set to close over the next few days and 182 jobs to be axed.

Administrators Moorfields Corporate Recovery, who have started a phased closure of the entire estate, said it was still hoping for a last minute deal for all or parts of the business but added it had not received any "acceptable" bids so far.

Blockbuster will axe another 182 jobs in the next few days. Credit: PA Wire

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."

The closures bring the total so far to just over 100 out of its 264 outlets, with more than 630 retail jobs cut from its 2,000-strong workforce.

Over 30,000 refunds have been made to customers for goods and services not received since Blockbuster went into administration more than two weeks ago.

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Blockbuster to close 72 stores with 472 jobs at risk

DVD rental chain Blockbuster is set to close 72 stores in the UK, with the loss of 472 jobs after going into administration.

The company went into administration for the second time this year in October due to tough trading.

Blockbuster is set to shut 72 stores in the UK with the loss of 452 jobs. Credit: PA Wire

The closures represent the loss of a quarter of its 264 outlets and workforce of 2,000.

The chain has been hit hard by competition from supermarkets as well as the explosion of the online rental market.

The company acknowledged that the decision would be "extremely upsetting news" to those affected, but insisted it was necessary to turn around the business and find a buyer.

Blockbuster attempts to reassure customers on Twitter

Blockbuster has responded to worried customers on Twitter, reassuring them that trading will continue as normal and insisting it was technically not in administration.

The group's UK Twitter account informed followers that its online store was also trading as normal.

However, it later responded to queries concerning online pre-orders by advising customers to write to the group's UK head office.

Blockbuster in administration for second time in 2013

Blockbuster plunged into administration in January, before being bought by Gordon Brothers in March.

At the time of its initial collapse the group had 528 stores in the UK employing 4,190 staff.

Gordon Brothers said its turnaround attempts for the historically loss-making company coincided with a patch of poor trading across rental and retail sales.

It said stores will continue trading but some may need to close if a buyer cannot be found.

2,000 jobs at risk as Blockbuster back in administration

Around 2,000 jobs are at risk after the new owner of Blockbuster Entertainment said it is putting the DVD and computer games rental chain into administration for the second time this year due to tough trading.

Private equity group Gordon Brothers Europe said 32 jobs will be cut at the chain's Uxbridge headquarters, while 264 stores are at risk as a buyer is sought.

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