Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
DVD and games rental chain Blockbuster has announced plans to close 72 stores resulting in the loss of about 452 jobs. The closures represent a 25% reduction of its 264 outlets and 2,000 employees.
The company went into administration earlier this week for the second time this year (see reports on the first collapse). The firm blamed fierce competition from online DVD rental providers and supermarkets.
The company had 528 stores when it initially collapsed into administration in January 2013.
UPDATE 05-12-2013: Blockbuster announced to finally close down all of its remaining stores in the UK by 16 December 2013. This decision affects 153 remaining stores, employing 1,235 staff. In total, the closure of Blockbuster resulted in the cut of over 2,000 jobs that remained after Gordon Brothers had taken over the company in March earlier this year.
Eurofound (2013), Blockbuster, Bankruptcy in United Kingdom, factsheet number 76211, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76211.
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