Blockbuster shutdown sees 1,200 jobs axed

More than 1,200 jobs are to be lost as Blockbuster shuts up shop, reports Sky News.

No buyer has been found for the high street store's 153 shops, meaning administrator Moorfields is to close it down by the end of the year.

62 Blockbusters are set to close over the next few days with job losses totalling 427.

The other 91 stores are set to be closed by the end of the year, seeing the remaining 808 jobs cut.

In its statement on the closures, Moorfields said:

With the Chancellor’s Autumn Statement due later today Moorfields are urging the Chancellor to take urgent action on business rates as retailers continue to struggle.

Whilst the difficulties faced by TS Operations t/a Blockbuster are not solely due to the burden of business rates the group was paying a sizeable £3.8m on a turnover of £40m. Even if, as speculated, the rates increase were capped at two per cent Blockbuster would have faced an increase of £75,000 on an already considerable £3.8m.