Penarth's Blockbuster store survives major round of closures (From Penarth Times)

Penarth's Blockbuster store survives major round of closures

8:50am Friday 25th January 2013 in News By Chris Seal

PENARTH'S Blockbuster store is to remain open - despite the video rental chain's parent company going into administration.

Administrators last week announced plans to shut 129 Blockbuster stores over the coming weeks as part of a phased closure, in addition to 31 which had already been put on notice of closure.

But Penarth's Blockbuster outlet on Windsor Road has been spared for the time being and will be carrying on with business as usual.

The administrators added in a statement: "The Joint Administrators continue to review the profitability of the store portfolio and announcements of further closures may be made in coming weeks."

Lee Manning, Joint Administrator, added: "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, partners at Deloitte, the business advisory firm, were appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited, who trade as Blockbuster, the DVD and video games rental Company, on January 16.