Last Wednesday Blockbuster management announced that the company was going into administration. Blockbuster has about 528 stores across the UK.
It is reported that Blockbuster will be closing down total of 160 stores across the UK. Deloitte, the administrators has started working on restructuring the retailer chain. Deloitte is closing down the stores which aren’t making profit and the ones which are still making profit (about 368 outlets) to continue operate for now.
The retail chain is also planning to cut down 760 out of 4,190 workforces as the result of the closure. Although the redundancies will not be immediate and also the chain has setup helpline and employee assistance programmes.