May 22 2013 Latest news:
By BEN WOODS, Business writer
Wednesday, January 16, 2013
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.
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.”
Norfolk turkey giant Bernard Matthews is in talks to sell a stake in the business.