Blockbuster staff await news as video store chain announces closure plans

Sunderland Blockbuster
Sunderland Blockbuster
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STAFF at two Wearside video rental stores are waiting to learn whether they are to lose their jobs.

Blockbuster entered administration for the second time this year on Monday and has now announced plans to close 72 of its 264 outlets nationwide, with the loss of 452 jobs. The firm has branches in Newcastle Road, Sunderland, and Newbottle Street, Houghton.

Administrators at Moorfields Corporate Recovery said talks with potential buyers of parts of the business continued and a further update would be issued within the week.

“Over the past few days our focus has been to assess the financial situation of Blockbuster in order to try and find a buyer for the business,” said a statement.

“As part of this process, we are today regretfully announcing the closure of 72 stores across the United Kingdom and the loss of 452 jobs.

“This has not been an easy decision to make and we acknowledge that, with Christmas on the horizon, this will be extremely upsetting news to a large number of people, most of all those affected by the store closures.

“We must reiterate that, as part of our attempts to turn around the business, today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.

“Discussions with potential buyers continue and we hope to be in a position to update staff, creditors and customers within the next seven days.”