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Kingsmead Blockbuster to remain open
STAFF at Blockbuster in Kingsmead can breathe a sigh of relief after administrators announced it would not be one of the 129 stores due to close.
Eleven members of staff at the Kingsmead Square store were left uncertain over the future of their jobs last week when advisory firm Deloitte was appointed administrators to the troubled firm.
On Saturday administrators announced that 129 stores were due to close but it was confirmed that the Kingsmead branch was not one of them, although further closures may still take place as administrators continue to review the profitability of the store portfolio.
Stores will remain open for business as usual and customers will be notified in advance of closures so that they can return their outstanding rental items.
The standard terms and conditions remain in place during this time.
Lee Manning, joint administrator and partner in Deloitte’s Restructuring Services practice, said: “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.
“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.”
The firm, which employs 4,190 people in its 528 shops and Uxbridge headquarters, joins music group HMV and camera specialist Jessops on the list of failed retailers this year.
Unlike the fellow high street stores, Blockbuster will continue to honour gift cards and credit acquired through its trade-in scheme.
Competition from online rivals such as Netflix and LoveFilm is being blamed for the company’s failure, although the core of the business is still deemed as profitable.
Concerned employees should contact the employee helpline on 0845 302 2547.
There is also a customer query line on 0207 303 0862.
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