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.

Thank you.

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.

For  media  enquiries,  please  contact  Oliver  Parry  at  Redleaf  Polhill  on  020  7382 4762/07707 929 337 or via email: moorfields@redleafpr.com.

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