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Kingsmead Blockbuster saved from closure for the second time
THE KINGSMEAD branch of Blockbuster has been saved for a second time after administrators announced it was not on the list of 164 stores set to close.
Eleven members of staff at the Kingsmead Square store were left uncertain over the future of their jobs last month when advisory firm Deloitte was appointed administrator to the troubled firm.
Administrators announced at the end of January that 129 stores were due to close, but confirmed that the Kingsmead branch was not one of them.
Yesterday, Wednesday, it was announced that an additional 164 stores would be closing, but the Kingsmead store was saved once again, with a spokesperson for the administrator stating the store was not on its list of closures.
The store, along with the remaining 234 stores, will continue to trade as usual while administrators continue negotiations with bidders.
Lee Manning, joint administrator, said: “We have continued to review the performance of individual stores since our appointment a month ago and have concluded that further closures are necessary in order to restructure the company for sale.
“We would like to thank the company’s employees for their support and professionalism during this difficult time and we are also grateful for the continued support of customers.
“We are in discussions with a number of parties interested in purchasing all or parts of the business and will update on progress in due course.”
Until its demise, Blockbuster employed 4,190 people in its 538 shops and Uxbridge headquarters.
It is the third high street retailer to fall into administration this year, following music group HMV and camera specialist Jessops.
Competition from online rivals such as Netflix and LoveFilm has been blamed for the company’s failure.
Concerned employees should contact the employee helpline on 0845 302 2547.
There is also a customer query line on 0207 303 0862.