Blockbuster UK is set to close a raft of unprofitable stores and made hundreds redundant, says CVG.
The report suggests that administrator Deloitte is ready to axe 129 more stores in addition to the 31 already slated for closure. It means that 760 UK staff are facing redundancy.
“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,” said joint administrator Lee Manning.
Administrators Deloitte will continue to seek a buyer for the UK business, following reports that Blockbuster US would be making significant cuts in an attempt to stay profitable.