Blockbuster administrators confirm company’s closure

<p>Over 1,000 jobs are being lost as Blockbuster is wound down.</p>

More than 1,000 jobs are being lost in the UK after the administrators of Blockbuster confirmed no buyer could be found for the firm.

Administrators at Moorfields Corporate Recovery explained no acceptable offers have been made for the company, so the remaining 91 stores employing 808 staff are being shut down.

Simon Thomas, a partner at Moorfields, suggested that one of the main reasons for the failure of the company were business rates, which he described as being "a significant burden" for both large and small retailers, reports the Guardian.

"Having recently been appointed as administrators of Blockbuster we understand the impact that business rates can have on retail firms, even the size and scale of Blockbuster," he said.

In his Autumn Statement revealed today (December 5th), UK chancellor George Osborne stated that the business rates rise is being capped at two per cent, rather than the planned 3.2 per cent.

Blockbuster failed to make the most of ecommerce and found its relevance slipping in the face of competition from the likes of LoveFilm and Netflix.

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