Blockbuster goes into administration
By John Reynolds, marketingmagazine.co.uk, Wednesday, 16 January 2013 03:26PM
Blockbuster has today become the latest casualty of the high-street, after it called in administrators, putting more than 4,000 jobs at risk.
Blockbuster has 528 stores and employs 4,190 staff. Deloitte, the accountancy firm, will take over the day-to-day running of Blockbuster. The retailer will continue to trade while Deloitte looks for a buyer.
The DVD and video rental company has been hit by competition from internet-based film services.
The demise of Blockbuster follows just days after that of HMV. Jessops has been another recent casualty.
Lee Manning, joint administrator and partner in Deloitte’s restructuring services, 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."Follow @JohnReynolds10
This article was first published on marketingmagazine.co.uk
- Artworker Fashion & Retail Personnel Consultancy £23000 - £25000 per annum + Outstanding Benefits!, London
- Online Marketing Manager - Client Side - London Major Players £45000 - £600000 per annum, London
- Web Conversion Analyst Better Placed Recruitment £20000 - £30000 per annum + Benefits, North West England
- Artworker - Mid-Weight Major Players negotiable, London
- Digital Senior Sales Executive Ultimate Asset £28000 - £35000 per annum + excellent benefits, London