BRIDLINGTON’S Blockbuster store is set to remain open despite plans to shut down 129 stores nationwide over the coming weeks.
Administrators were called in by the DVD rental company last week as it emerged that the chain had become the latest casualty of hard times on the high street in the face of internet competition and the digital streaming of movies and games.
Lee Manning, Matthew David Smith and Neville Kahn, partners at the business advisory firm Deloitte, have been appointed joint administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited.
They have confirmed that 129 stores are to close over the next few weeks as part of a phased closure, in addition to 31 which had already been put on notice of closure.
But a spokesman for Deloitte told the Free Press that the Bridlington Blockbuster store, on Prospect Street, was not on the list of stores to close.
Mr Manning, joint administrator and partner in Deloitte’s Restructuring Services practice, said: “In recent years Blockbuster has faced increased competition from internet- based providers along with the shift to digital streaming of movies and games.
“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,” he added.
The company has its headquarters in Uxbridge with 528 stores nationwide employing 4,190 staff.
During this first phase of the closure a number of closing down promotions will be held across stores to supplement those already on offer.
An employee helpline and employee assistance programme have been put in place for all those employees facing redundancy.
Deloitte has said that stores will stay open for business as usual and customers will be notified in advance of closure so they can return rental items beforehand.
The firm has said that its gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods in its shops.
Mr Manning added: “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.”