Less than a week after Blockbuster US announced it would close all physical stores in the country, Blockbuster UK has gone into administration. Moorfields Corporate Recovery is the appointed administrator.
Blockbuster in Britain is a subsidiary of US-based Blockbuster LLC. Restructuring specialists Gordon Brothers Europe bought Blockbuster UK in March, after it went into administration last January. Blockbuster UK had 528 stores at the time, but now it has just 264 stores and 2,000 staff.
Blockbuster has not been able to stage a turnaround since its financial collapse and has again filed for a form of bankruptcy in the UK. As a result, Gordon Brothers Europe revealed that Moorfields Corporate Recovery has been officially appointed as the administrator of Blockbuster.
Nick O'Reilly, a joint administrator, said Blockbuster's 264 stores will remain open while Moorfields attempts to seek a buyer. There are apparently some parties interested in parts of the business, and Moorsfield is currently focused on securing a future and "trying to save jobs before Christmas".
“This is obviously a difficult and upsetting time for everyone involved at Blockbuster, in particular employees who have endured a stressful period since January this year,” said Moorfields' joint administrators in a statement.