DVD rental chain Blockbuster is to close down completely after failing to attract a buyer.

Administrators Moorfields Corporate Recovery said all remaining 91 UK stores, employing 808 staff, would have to close.

Blockbuster, owned by private equity firm Gordon Brothers Europe, first went into administration in January and for a second time in October.

All stores will have ceased operations by Monday (Dec 16), according to Moorfields.

All remaining stock will be sold by Sunday, with discounts of up to 90%.

Joint administrators Simon Thomas and Nick O’Reilly said: “It is with regret that we have to make today’s announcement. We appreciate this is a difficult time for all concerned and would like to thank staff for their professionalism and support over the past month.

“Unfortunately, we were unable to secure a buyer for the group as a going concern and as a result had to take the regrettable action to close the remaining stores.”

Blockbuster’s business model has been decimated by the rapid rise of online film streaming offered by the likes of Netflix and Lovefilm.

At one point, Blockbuster had 528 stores throughout the UK but one of a number of High Street brands to suffer at the hands of online, including HMV, the retail giant which was sold to Hilco earlier this year.

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