Two companies which have both been placed into administration are staying open in Glenrothes for the time being.
It was confirmed earlier this month that DVD rental firm Blockbuster had been placed into administration following poor trading due to the increased popularity of online streaming and rental companies.
Several stores across Scotland will soon be closing their doors, leading to over 750 redundancies.
But Deloitte, the accountancy firm which is now running the rental chain, has revealed that the Glenrothes branch will not shut.
Lee Manning, joint administrator, said: “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.”
A representative for Blockbuster could not offer comment on the future of individual stores, but did confirm that there had been a performance review of all outlets and those which are staying open had most likely been deemed to have performed well.
Elsewhere in the town centre, it was also revealed last week that fashion retailer Hoi Polloi would also be staying in Glenrothes.
Rumours were rife that it would shut last Friday after the company which owns it, Stockcove Limited, called in administrators.
It currently runs 12 stores across Scotland, England and Northern Ireland, including the Glenrothes branch,
Administrators BDO LLP announced last week that seven would go, but confirmed that Glenrothes was one of the five stores which would be kept open whilst a buyer is sought for the company.
James Stephen, BDO business restructuring partner said: “The ioint administrators will be taking all necessary steps to mitigate losses to stakeholders of the Company and, going forward, will seek to maximise recoveries for the benefit of all creditors.”
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Weather for Kirkcaldy
Tuesday 21 May 2013
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