Blockbuster administrators, Moorfields Corporate Recovery, have announced that the DVD and video-game rental chain will be closing 72 stores and axing 452 jobs.
In a statement issued on Thursday, the administrators said:
This has not been an easy decision to make and we acknowledge that, with Christmas on the horizon, this will be extremely upsetting news to a large number of people, most of all those affected by the store closures.
We must reiterate that, as part of our attempts to turnaround the business, today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.
US private equity company Gordon Brothers took over the chain in March but have failed to improve the company's fortunes. Blockbuster is one of a number of high street retailers to suffer over the past few years due to intense competition from online retailers.