Deloitte, the administration firm that took control of both HMV and Blockbuster last week, today announced 160 of Blockbuster’s stores across the UK will be closed down in the coming months. Separately, they also announced that from tomorrow you will be able to use HMV gift vouchers once again.
While HMV store closures are expected none have yet been announced.
Deloitte administrator Lee Manning said regarding Blockbuster that”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.”
Blockbuster currently employs 4190 staff across its528 UKstores.
“We would like to thank the company’s employees for their support and professionalism during this difficult time,” Manning continued. “We are also grateful to the customers for their continued support.”
The stores will not be shut down immediately, however. Allowing customers to return rented titles.
It’s a different story for HMV who, since entering administration, refused to accept gift vouchers. Coming off the back of Christmas this invalidated a great many presents. Not a pleasing move. Deloitte has announced that this decision has been reversed and from tomorrow HMV stores will once again be accepting the vouchers.