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More than 4,000 jobs at risk as Blockbuster calls in administrators

14:57 16 January 2013

Blockbuster puts more than 4,000 jobs at risk

Blockbuster puts more than 4,000 jobs at risk

Archant

More than 4,000 jobs have been put at risk with DVD rental chain Blockbuster after the firm became the latest high profile retailer to call in the administrators.

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Business advisors Deloitte announced today (January 16) that they had been appointed joint administrators of the firm, which has 528 stores across the country including branches in Gorleston, Fakenham, Lowestoft, Thetford and four in Norwich.

In a similar story to HMV, which also called in the administrators this week, Blockbuster had struggled against increased competition from the internet.

Question marks now hang over the future of the branches and its 4,190 staff across the country.

Lee Manning, joint administrator and partner in Deloitte’s Restructuring Services practice, 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 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.”

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3 comments

  • When was the last time you bought one AC? our library service which also rents the same dvd's and games out, is killing businesses like the doomed blockbusters. Time for libraries to do just books imo.

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    nrg

    Wednesday, January 16, 2013

  • I,m surprised that Blockbuster has survived so long,with so many Films On-Line and D V D s cheap to purchase

    Report this comment

    Albert Cooper

    Wednesday, January 16, 2013

  • When was the last time you bought one AC? our library service which also rents the same dvd's and games out, is k*lling businesses like the doomed blockbusters. Time for libraries to do just books imo.

    Report this comment

    nrg

    Wednesday, January 16, 2013

The views expressed in the above comments do not necessarily reflect the views of this site

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