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Blockbuster closing 160 stores

The administration firm for Blockbuster, Deloitte – which is becoming more of a household name at this point than the companies it's administering – has announced that 160 Blockbuster stores will close.

“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 administrator Lee Manning (via Eurogamer).

“We would like to thank the company's employees for their support and professionalism during this difficult time. We are also grateful to the customers for their continued support.”

Some people just won't believe it.

It's not known how many staff will be affected by these closures, but considering 160 outlets represents about a third of all stores, we can expect around that same number of staff to let go. Unfortunately, that represents a lot: 1270.

Deloitte has added the caveat that not all locations will close immediately, with customers given the change to return rented media, as well as in-store promotions near the closure date.

Kitguru Says: While Deloitte has said that customers will be given advance notice so that any outstanding stock can be returned, what's the bet though that they won't chase particularly hard for that copy of Waterworld?

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