Blockbuster follows HMV into Administration
Blockbuster, another high street chain has reportedly entered into administration in the same week as competitor HMV.
Entertainment giant Blockbuster, the UK market leader for DVD rentals, also sells new DVD’s, and games for a variety of platforms.
The chain employs 4,190 people across the UK, with 528 stores in total. Competition from online sales as well as the emergence of available films you can ‘rent’ from your living room from companies such as LoveFiLm and Netflix have meant that the business has struggled to maintain a significant consumer base.
Deloitte, the same company handling the HMV administration process, have been called in as joint administrators and will handle the process from now on. Deloitte’s Lee Manning commented: “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 company is still accepting gift cards, and will honour their value towards any sale.
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