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Blockbuster goes into administration


Another well known high street provider has announced today that it is set to shut 72 out of its 264 stores throughout the UK, and cut 452 jobs after confirming earlier in the week it was going into administration. The troubled DVD rental chain Blockbuster is one of the many high street stores that have come under pressure from its online competitors and supermarkets.

This is the second time this year that the retailer has gone into administration. The Blockbuster administrators at Moorfield Corporate Recovery said talks with potential buyers of parts of the business continued and a further update would be issued within the next seven days.

In a statement, 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."

Last week, the axe fell on 300 US Blockbuster stores, leaving the once-dominant chain with just 50 franchised shops remaining open in the country.
Other well known high street stores that have recently gone into administration include the camera chain Jessops; music and DVD group HMV which closed 66 stores; and electrical chain Comet which sadly closed its doors last year.

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