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72 of Blockbuster’s 264 stores are to close in an attempt to turnaround the business, administrators Moorfields Corporate Recovery has confirmed.
As a result, 452 of the retailer’s 2000 employees will lose their jobs in the run up to Christmas.
“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,” Moorfields told Sky News.
“We must reiterate that, as part of our attempts to turnaround the business, today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.”
Discussions with potential buyers for the business are said to be continuing.
Source: Sky News
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