Blockbuster To Shut With 1,200 Job Losses

The movie and games rental chain Blockbuster is to be closed down by the year's end with the loss of 1,200 jobs, Sky sources say.

The development will be a bitter but hardly surprising blow to the staff as store numbers were slowly cut by administrators Moorfields Corporate Recovery in the weeks after the retailer's collapse following the failure of a turnaround plan.

It is understood no buyer has been found for the remaining 153 shops and 62 of them will be shut in the next few days with the loss of 427 posts.

The other 91 stores are set to close by the end of the year, resulting in the remaining 808 jobs being axed.

An official statement is expected later on Thursday.

Last month the chain's owner, Gordon Brothers, said the plan to transform the retailer's fortunes had failed amid the consumer trend towards online movie rentals and on-demand TV.

Blockbuster was also hit hard by intense competition from supermarkets and online DVD sales.

The devastating impact of web-based sales on Britain's high streets has been laid bare in the past year by the demise of camera chain Jessops and electricals group Comet, which also cited competition from online players as a major reason for their declines.

Jessops was later reborn under the control of entrepreneur Peter Jones of TV Dragons' Den fame.

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