Blockbuster goes into administration
The high street saw another casualty yesterday as entertainment retailer Blockbuster UK went into administration.
Accountancy firm Deloitte has been appointed as administrator to the chain of 528 stores which employs 4,190 staff.
Blockbuster has struggled against online competitors in recent years along with the shift to digital streaming of movies and games.
Deloitte said that it will keep the stores trading while its tries to find a buyer for the business.
Never Miss a Retail Update!“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,” said Lee Manning, from Deloitte’s Restructuring Services practice.
“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.”
