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Credits begin to roll for ex-giant

Credits begin to roll for ex-giant

Fallen DVD and games rental giant Blockbuster is just days away from disappearing from the high street forever.

Administrators confirmed the closure of 62 outlets yesterday – with 91 more also doomed if a buyer cannot be found.

Together, the closures will cost more than 1,200 jobs.

Blockbuster had 264 stores and a 2,000-strong workforce when it went into administration last month, but it now looks likely these will have disappeared by the end of the year.

Administrators from Moorfields Corporate Recovery have already overseen the closure of more than 100 stores as part of the administration process.

Six stores in the north have been affected so far – Arbroath, Fort William, Inverness, Inverurie, Montrose and Nairn,

Yesterday, they said no acceptable offers had been received for the remaining shops.

A spokeswoman said: “Unfortunately, we have still not received any acceptable offers, so as a result we may be forced to close the remaining 91 stores, affecting 808 employees.”

Blockbuster was rescued in March from an earlier administration by private equity group Gordon Brothers Europe, but has suffered poor trading across both rental and retail sales.

The business has been hit hard by competition from supermarkets, as well as the march of online rentals.

At the time of its initial collapse in January, it had 528 stores in the UK, employing 4,190 staff.

The brand has also suffered, under different ownership, in the US, where the axe fell on 300 Blockbuster stores in October, leaving the once dominant chain with just 50 franchised shops still open in the country.