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Blockbuster goes into administration
DVD rental firm Blockbuster has gone into administration. Administrators Deloitte have been appointed to the company, which has 528 stores across the UK, including one in Fisherton Street, Salisbury, and one in Southampton Road, Ringwood.
Blockbuster is the third high street chain to go into administration in the last week.
Camera shop Jessops closed its 187 stores on Monday and entertainment chain store HMV announced yesterday that it had also appointed Deloitte to take over its 237 stores while a buyer is sought, putting more than 4,000 jobs at risk.
Blockbuster, which employs 4,190 people, also remains open while buyers are sought.
Lee Manning, joint administrator, said: “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.
“The core of the business is still profitable and we will continue to trade as normal in both retail and rental while 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.”