DVD rental chain Chartbusters has confirmed it is closing all of its 16 stores, with the loss of almost 90 full-time and part-time jobs.

22 full-time and 65 part-time jobs will be lost after the company decided to initiate a voluntary liquidation.

Chartbusters blamed the ‘severe and unprecedented nature of the current economic downturn’ for the closure.

It said it has been unable to find sufficient reductions in costs and overheads to counter the sharp reduction in revenues experienced.

In a note on its website, Chartbusters says it is ceasing trading today and has asked customers to return rentals into drop boxes in local stores.