More sad news for the UK high street has broken today, as reports come in that video rental chain Blockbuster is about to enter administration.
The company has 528 stores and 4,190 employees. According to MCV, there were already plans to shut some 150 stores over the next six months. It now seems that all of them are at risk.
It follows HMV's fall from grace yesterday, in a turbulent week that has left the entertainment retail sector in a severely weakened position. Deloitte, which has been handling HMV's administration, will also be taking care of the process for Blockbuster.
"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," Lee Manning, from Deloitte's Restructuring Services, told the BBC.
"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."
Stores will remain open during the administration process, and gift cards will be accepted.
The company has 528 stores and 4,190 employees. According to MCV, there were already plans to shut some 150 stores over the next six months. It now seems that all of them are at risk.
It follows HMV's fall from grace yesterday, in a turbulent week that has left the entertainment retail sector in a severely weakened position. Deloitte, which has been handling HMV's administration, will also be taking care of the process for Blockbuster.
"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," Lee Manning, from Deloitte's Restructuring Services, told the BBC.
"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."
Stores will remain open during the administration process, and gift cards will be accepted.
Companies:
Blockbuster
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