Last week, Blockbuster became the latest casualty of the administration epidemic sweeping the High Street; now, the first casualties are crawling home from the front line. 160 of Blockbuster's 528 stores are to close, putting the livelihoods of some 760 staff at risk. Uh oh.
Deloittes, the administrators responsible for flogging Blockbuster off to the highest bidder, had already given notice of the closure of 31 stores last week; now, it looks like they're starting to violently trim the fat from the whole operation. As one of the joint administrators put it:
"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."
At least they're being nice about it: Deloittes have set up a "dedicated employee helpline" and "an employee assistance programme to help those staff facing redundancy find other jobs". Which, y'know, is nice of them, but still doesn't really help the fact that they're more than literally decimating the company. Still, with Jessops, HMV and Blockbuster all trying to escape administration at the moment, this is probably just the first minor loss we need to brace ourselves for over the next few weeks. Now, about that economic recovery? [BBC via Techradar]