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Blockbuster to disappear from high street after 25 years Blockbuster to disappear from high street after 25 years
(35 minutes later)
Blockbuster will disappear from Britain's high streets after almost 25 years following the failure by administrators to find a buyer for the DVD and games rental chain.Blockbuster will disappear from Britain's high streets after almost 25 years following the failure by administrators to find a buyer for the DVD and games rental chain.
The remaining 91 stores will close by Monday, with the loss of 808 jobs, after the retailer went into administration in October for the second time this year. Stock will be sold by Sunday, with price discounts of up to 90%. The remaining 91 stores will close by Monday, with the loss of 808 jobs, after the retailer went into administration in October for the second time this year. Stock will be sold by Sunday, with discounts of up to 90%.
Administrators at Moorfields Corporate Recovery said in a statement on Thursday: "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. Administrators at Moorfields Corporate Recovery said on Thursday: "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.""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."
It followed the announcement last week that 62 stores would close, with 427 job losses, following a spate of closures since October.It followed the announcement last week that 62 stores would close, with 427 job losses, following a spate of closures since October.
At the start of the year Blockbuster had 528 stores employing 4,190 staff.At the start of the year Blockbuster had 528 stores employing 4,190 staff.
Blockbuster was initially placed into administration in January, but rescued by private equity group Gordon Brothers. In October, the new owners admitted that its attempts to turn the business around had not worked. Blockbuster was initially placed into administration in January, but rescued by Gordon Brothers, a private equity group. In October, the new owners admitted that its attempts to turn the business around had not worked.
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