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Blockbuster in Brentwood given temporary reprieve
9:40am Wednesday 23rd January 2013 in News
THE BLOCKBUSTER store in Brentwood has been given a stay of execution after administrators chose not to shut it immediately.
Deloitte who were called in to the home entertainment rental business last week announced plans to close 129 shops from the chain over the next few weeks as they seek to find a buyer for the firm.
However, the store in High Street was not put onto the list meaning staff have been given a temporary reprieve.
Despite this, Lee Manning, on of the administrators, said more closures could be made to help make the firm profitable.
He also praised those working at Blockbuster for their efforts since accountants were called in.
Mr Manning 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.
“We would like to thank the company’s employees for their support and professionalism during this difficult time.
“We are also grateful to the customers for their continued support.”
Before entering administration, Blockbuster had 528 stores across the country employing 4,190 staff.
The company which opened in 1989 had closed more than 100 outlets around the UK in the past few years.
A total of 31 shops have already had their notices of closure served as part of the first phase of Deloitte’s plans for the chain.