Further details on store closures announced by Moorfields Corporate Recovery
Joint Administrators Simon Thomas and Nick O’Reilly of Moorfields Corporate Recovery LLP have issued the following statement:
Further to our recent statement, we are today announcing the closure of a further 62 stores across the United Kingdom and a further 427 jobs as part of the effective phased closure as announced on 28 November.
Unfortunately we have still not received any acceptable offers so as a result we may be forced to close the remaining 91 stores affecting 808 employees.
With the Chancellor’s Autumn Statement due later today Moorfields are urging the Chancellor to take urgent action on business rates as retailers continue to struggle. Whilst the difficulties faced by TS Operations t/a Blockbuster are not solely due to the burden of business rates the group was paying a sizeable £3.8m on a turnover of £40m. Even if, as speculated, the rates increase were capped at 2% Blockbuster would have faced an increase of £75,000 on an already considerable £3.8m.
Notes to editors
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of Corporate Advisory, Restructuring and Insolvency Services. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations. Moorfields Corporate Recovery is proud to have been awarded Corporate Recovery Firm of the year at the Insolvency and Rescue Awards 2012.
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