Blockbuster UK appoints administrators
16th Jan 2013 | 15:13
4,190 jobs are at risk
Blockbuster is the latest high street shop to fall victim to the recession, calling in administrators Deloitte, and putting more than 4,000 jobs at risk.
Deloitte's Lee Manning said the chain had struggled in the face of competition from internet rivals.
Victim of streaming
"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 said in a statement.
"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."
And gift cards are still valid, he added.
HMV went into administration just yesterday, with Deloitte appointed again. And Jessops went under last week. HMV puts 4,500 jobs at risk, while Jessops has more than 200 shops. So it's bleak times indeed for the high street.
Blockbuster US filed for bankruptcy back in 2010.
Are we one step away from Wall-E, where one retail giant like Amazon or Tesco will take care of all our purchasing needs from birth to death? Have your say.
Via Sky News