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DVD rental chain Blockbuster closes Stamford branch

Blockbuster Video, Ironmonger Street, Stamford.
Photo: MSMP160113-028ow

Blockbuster Video, Ironmonger Street, Stamford. Photo: MSMP160113-028ow

The Stamford branch of Blockbuster closed on Saturday with the loss of three jobs.

The store in Ironmonger Street, Stamford, was earmarked for closure when Deloitte was appointed administrator for Blockbuster in February but it didn’t close. Some of the stores, including the Stamford branch and the branch in the Burghley Centre in Bourne, were acquired by Gordon Brothers Europe and continued trading.

But Gordon Brothers Europe went into administration in November and restructuring and insolvency experts Moorfields Corporate Recovery said “no acceptable offers” had been received following a marketing process to find a buyer for Blockbuster.

A statement by joint administrators Simon Thomas and Nick O’Reilly said: “As a result, Moorfields will now seek to oversee an effective phased closure, whilst still exploring any offers for the business as a whole or in part.

“It is unfortunate that we have been unable to secure a buyer to date, and therefore we have had to take the decision to make further store closures. We are continuing to review the profitability of the portfolio and may have to make further closures over the next couple of weeks. We appreciate this is a difficult time for all concerned and would like to thank staff for their ongoing cooperation.

“In addition, we are making every effort to support customers and to date issued over 30,000 refunds for goods and services not received. We are enormously grateful for their continued loyalty.”

There are closing down posters at the Bourne branch but it is not yet known when that store will close or how many people are employed there.

 

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