Wed, 16 Jan 2013 | ADMINISTRATION
Video and games rental company Blockbuster has joined the ranks of established high street names and entered administration.
We've already seen Jessops and HMV appoint administrators this year, while Comet finally bit the bullet at the end of 2012. Now Blockbuster has joined that group, having appointed Deloitte to handle the administration.
It appears that Blockbuster was hit by similar problems to HMV in that internet-based companies were able to offer similar services for cheaper. Lovefilm and Netflix allow users to pay a low monthly fee in order to stream films over the internet or have them delivered to their house, making a physical trip to a Blockbuster store seem like an expensive and time-consuming alternative.
Joint administrator Lee Manning commented on the situation: “In recent years Blockbuster has faced increased competition from internet-based providers along with the shift to digital streaming of movies and games.
“We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.”
He added: “The core of the business is still profitable and we will continue to trade as normal in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern. During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods.”
The company has its headquarters in Uxbridge, but has a total of 528 stores across the UK and employs around 4,190 staff.
Discover the chance to acquire a reputable RICS-regulated expert witness agency in the chartered surveying sector. The company's main focus is on property-related disputes and claims.
This reputable car servicing and MOT testing company, located near a bustling city centre, is equipped with state-of-the-art technology and has a strong presence in the market with potential for expansion into the electric vehicle sector.
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.