87 jobs are lost as Chartbusters shuts DVD stores
DVD-rental chain Chartbusters has closed its 16 Irish stores with the loss of 87 jobs.
The latest victim of the recession, Chartbusters has blamed the closure on "the severe and unprecedented nature of the current economic downturn", saying it had reduced revenues sharply.
Notices have gone up outside the company's 16 Irish stores, thanking customers for their loyalty through the years.
Chartbusters had 14 Dublin-based stores, as well as one in Cork and another in Donegal.
The announcement follows a decision by the directors of Chartbusters Ltd to initiate a voluntary liquidation.
A statement from Chartbusters said: "Despite our best efforts, the company has not been able to implement sufficient reductions in costs and overheads."
The business opened in 1993, with stores in Blanchardstown and Tallaght -- both in Dublin.
By 2002, the group had 50 stores, grossing a profit of €11m. Two years later, profits had risen to €17.5m, but in 2009 the company went into examinership.
The closure means the loss of 65 part-time and 22 full-time positions.
It is understood that the company had engaged in discussions with parties, hoping to sell the majority of its stores, but it said it encountered difficulties which were mainly due to unsustainably high rents.
A creditors' meeting has been called for November 12, when a statement of affairs will be presented.
The company would not comment on whether the advent of illegal downloading had hastened the downturn in trade.