Blockbuster administrator Moorfields Corporate Recovery is to close 72 of its 264 stores following the DVD rental chain’s collapse on Monday.
The store closures will lead to 452 jobs being cut, the BBC reported.
Moorfields said: “We must reiterate that, as part of our attempts to turn around the business, today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.”
Blockbuster collapsed into administration for a second time as a result of poor trading amid difficult high street conditions and fierce online competition.
Earlier this week, Moorfields joint administrator Nick O’Reilly told Retail Week it has received a “small number” of expressions of interest but admitted that its business model was “outdated”.
It is understood restructuring specialist Hilco is interested in the parts of business.
Property firm Savills has been hired to handle Blockbuster’s property portfolio.
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