July 23 2014 Latest news:
Wednesday, February 13, 2013
Bosses of the Blockbuster DVD and games rental chain yesterday announced that its Norwich store in Dereham Road is to close as part of a fresh round of closures involving a further 164 stores.
Administrators Deloitte made the announcment yesterday adding that around 800 jobs would be threatened by the closures on top of the 168 shops it had previously announced, including its outlet in Bowthorpe and two others in Thetford and Fakenham.
However its stores in Gorleston and Lowestoft still remain open.
The Norwich store closure is likely to affect around five jobs and Deloitte said the store would close “in the coming weeks”.
Blockbuster collapsed last month amid competition from internet firms and the digital streaming of movies and games.
Deloitte said that staff affected would be facing redundancy and it had set up a helpline and support e to help them find other jobs.
Joint administrator Lee 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.”
Customers will be notified in advance of the closure so that they can return their outstanding rental items beforehand. The standard rental terms and conditions remain in place during this time.
Blockbuster struggled to adapt to the changing market and rivalry from internet retailers including Netflix, Amazon’s LoveFilm and iTunes, which now offers a movie rental service.
The devastating impact of the internet on Britain’s high street had already been laid bare with the demise of camera chain Jessops and electricals group Comet, which also cited competition from online players as a major reason for their downfall.
Tesco ditched beleaguered chief executive Philip Clarke today as it recruited an outsider from consumer goods giant Unilever to try to restore its fortunes.