Blockbuster UK appoints administrators
"Core of the business is still profitable" says Deloitte
Rental firm Blockbuster UK has appointed Deloitte's Lee Manning, Matthew David Smith and Neville Kahn as joint administrators, just days after UK retailer HMV.
"In recent years Blockbuster has faced increased competition from internet based providers along with the shift to digital streaming of movies and games," said Manning.
"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."
The company employs around 4000 in the UK, both at stores and through its online business blockbuster.co.uk. It's first UK store opened in 1989.
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