It was once the place people would flock to in their droves on evenings and weekends, but as Bob Dylan so famously sang, 'The Times They Are A-Changing,' and for Blockbuster change is most definitely not a good thing.
The movie rental store entered administration earlier this month, following the likes of fellow high street struggles HMV and Jessops into the unknown of the business world. The announcement that 129 stores of the chain will be closed across Britain probably came as no surprise to many, as in recent year Blockbuster has become the punchline to many jokes, but we mustn't forget that whilst Netflicks and online streaming sites are laughing all the way to the bank, hundreds of regular people are being pushed out of their jobs and being made redundant.
Blockbuster executives have revealed that they plan on closing another 31 stores following the initial closure of the 129, forcing hundreds of employees into redundancy. The chain have vowed to continue trading until the bitter end as they look to find a buyer for the once illustrious company, which has 528 stores across the UK altogether, employing 4,190 members of staff. Joint administrator Lee Manning, who works for the accountancy company Deloitte now running Blockbuster, said: "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."
Business experts have blamed the demise of Blockbuster on the same problems that have plagued numerous other fledging businesses over the years: failure to run with the times and adapt quickly enough to an ever-changing business environment and consumer habits.
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