Huntingdon Blockbuster avoids chop as administrators announce second round of closures
12:55 13 February 2013
STAFF at Huntingdon Blockbuster can breath a second sigh of relief after the store avoided the chop in another wave of closures.
The DVD and video game rental company called in administrators Deloitte on January 16, who announced 160 stores would close around the country.
Today (Wednesday) Deloitte announced a further 164 stores to close over the coming weeks.
The list did not include the Tower Field Leisure Park outlet which will continue to trade while negotiations between the joint administrators Lee Manning, Matthew David Smith and Neville Kahn and bidders progress.
Mr Manning said: “We have continued to review the performance of individual stores since our appointment a month ago and have concluded that further closures are necessary in order to restructure the Company for sale.
“We would like to thank the Company’s employees for their support and professionalism during this difficult time and we are also grateful for the continued support of customers.
“We are in discussions with a number of parties interested in purchasing all or parts of the business and will update on progress in due course.”
An average of five members are employed per store.
The January announcement came after Blockbuster made a £300,000 loss over the Christmas period compared with an expected £4.5million profit.