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Blockbuster goes into administration Blockbuster goes into administration
(35 minutes later)
DVD rental firm Blockbuster has become the latest UK High Street firm to go into administration after hitting hard times. DVD rental firm Blockbuster has become the latest UK High Street firm to go into administration after struggling against internet competitors.
The chain has 528 stores employing 4,190 staff. The chain has 528 stores and employs 4,190 staff.
Deloitte, the accountancy firm that will now take over the day-to-day running of the firm, said Blockbuster had been affected by competition from internet-based film services. Deloitte, the accountancy firm which will now take over running the firm, said Blockbuster would keep trading while it tries to find a buyer.
The stores will keep trading while the administrators try to find a buyer. Music chain HMV and camera-seller Jessops both went into administration earlier this month.
Blockbuster follows hard on the heels of music and DVD chain HMV, which formally went into administration earlier this week. It is not yet known what will happen to HMV's branches and 4,500 staff. It is not yet known what will happen to HMV's branches and 4,500 staff. Unusually, all of Jessops' 187 branches closed within days of administrators being appointed.
Camera-seller Jessops went into administration earlier in the month, and - unusually - all of its branches closed shortly afterwards.
Electricals chain Comet collapsed before Christmas.Electricals chain Comet collapsed before Christmas.
"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," said Lee Manning from Deloitte's Restructuring Services practice. "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," said Lee Manning, from Deloitte's Restructuring Services practice.
"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."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.""During this time gift cards and credit acquired through Blockbuster's trade-in scheme will be honoured towards the purchase of goods."
The first Blockbuster store in the UK opened in 1989. In the past few years it has faced increasing competition from online-only rental firms which post DVDs to subscribers and, more recently, from streaming services which allow users to download films and TV series.
It has closed more than 100 outlets in the past few years.