By now you have probably heard that the retail chain, Blockbuster is in a bit of trouble and have now confirmed that they will be shutting 160 of its stores following its confirmed administration.

At first this was only announced to be 29 stores, confirmed last week but this number has now risen to 160 with a further 131 stores heading for the chop.

Administrators Deloitte have said that these stores will not close immediately, but these closures will result in 760 of the company’s 4,190 staff members facing redundancy.

“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.” Said the Joint administrator Lee Manning.

“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.”

Via: BBC http://www.bbc.co.uk/news/business-21099741

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