Wed, 30 Oct 2013 | ADMINISTRATION
Blockbuster has returned for another spell in administration, after losing out to newer online businesses, such as Netflix and LoveFilm, streaming films over the internet and sending rental DVDs through the post.
Its private equity owner Gordon Brothers Europe bought the 528-store firm out of administration in March this year, and attempted to turn it around by restructuring the business, investing in marketing and negotiating with landlords.
In a statement Gordon Brothers Europe said: “The company also tried to develop a new digital platform but was unable to broker a licensing deal with Blockbuster UK’s parent company in the US.
“Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales.”
This time round the retailer has just 264 stores and a reduced workforce of 2,000, half the number Blockbuster had before originally entering administration in January this year.
There will be 32 redundancies at its UK head offices, and its stores will continue trading while a buyer is sought for its business or assets.
Back in February supermarket chain WM Morrisons purchased 49 of Blockbusters failed stores with the aim of converting them and expanding its presence.
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Related information:
Blockbuster enters administration
How to turn around a struggling business
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