This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-21047652
The article has changed 8 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| 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 struggling against internet competitors. | 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 and employs 4,190 staff. | The chain has 528 stores and employs 4,190 staff. |
| Deloitte, the accountancy firm which will now take over running the firm, said Blockbuster UK would keep trading while it tries to find a buyer. | |
| Music chain HMV and camera-seller Jessops both went into administration earlier this month. | Music chain HMV and camera-seller Jessops both went into administration earlier this month. |
| 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. | 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. |
| 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 south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles. | |
| The firm launched an online DVD rental operation in 2002, and the company's website, blockbuster.co.uk, claims to send out more discs per customer than other online DVD rental services in the UK. | |
| However, this online rental market became increasingly crowded with rival services, and now the popularity of streaming films over the internet is growing fast. | |
| Blockbuster UK has closed more than 100 outlets in the past few years. | |
| Blockbuster went bankrupt in the US in 2011, but was rescued by US pay-TV provider Dish Network in a $320m (£200m) deal, which saved hundreds of stores from closing. The UK arm is also owned by Dish Network but run separately. | |
| Are you a member of staff? Are you a customer? How are you affected by Blockbuster going into administration? Please send us your thoughts using the form below. |