Blockbuster is to close 129 stores in addition to the 31 stores which had already been notified of their closure, the administrators confirmed on Saturday.
The administrators added that they were continuing their review of the profitability of the chain's portfolio, warning that further store closures could also be announced soon.
The closures mean that the move will make 760 of the UK's 4,190 staff redundant. More staff could lose their jobs, the administrators admitted, but the stores will not be closing immediately. The company has set up an employee assistant helpline as well as providing other services to support Blockbuster staff.
All of the company’s stores will remain open as normal until further notice, the administrators said.
Blockbuster joined HMV and Jessops as high street stores in administration
Lee Manning of the administrators, 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.”
Lee Manning, Matthew David Smith and Neville Kahn, all partners at business advisory firm Deloitte, were appointed Joint Administrators of Blockbuster on Wednesday, following Jessops and HMV as high street stores facing closure.
The firm's trading woes were blamed on competition from internet firms and digital streaming of movies and games.
Blockbuster had struggled to adapt to the changing market and rivalry from internet retailers including Netflix, Amazon's LoveFilm and iTunes, which now offers a movie rental service.
The devastating impact of the internet on Britain's high street had already been laid bare with the demise of camera chain Jessops and electrical group Comet, which also cited competition from online players as a major reason for their downfall.
READ MORE: Blockbuster Falls Into Administration