Blockbuster shuts down 72 stores across the UK

Rental chain Blockbusters will close 72 of its 264 stores across the United Kingdom, administrators Moorfields Corporate Recovery announced, as reported by Sky News.

The firm, which currently employs roughly 2,000 staff, will lose 452 employees in this cut, it was confirmed.

"This has not been an easy decision to make and we acknowledge that, with Christmas on the horizon, this will be extremely upsetting news to a large number of people most of all those affected by the store closures," reads a statement from joint administrators Simon Thomas and Nick O'Reilly.

"We must reiterate that, as part of our attempts to turnaround the business, today's decision is necessary if parts of Blockbuster are to be saved and a buyer found."

Earlier this month it was revealed Blockbuster parent company Dish Network will close all remaining corporate-owned Blockbuster retail locations in the U.S. by early January 2014. The company will also end Blockbuster's DVD by mail service by mid-December and shutter its distribution centers. The closure of approximately 300 stores will not have an effect on franchise or licensed retail stores in the U.S. or abroad.

The British arm of Blockbuster has 'entered administration' for the second time in a year, meaning the company is seeking a buyer in an effort to stave off collapse.