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Company will continue to trade while a buyer is sought
DVD and video game rental giant Blockbuster has appointed administrators it has been announced.
Deloitte partners Lee Manning, Matthew David Smith and Neville Kahn have been appointed joint administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited, which has a store in Shrub Hill Retail Park, Worcester.
The company has its headquarters in Uxbridge and has 528 stores across the UK employing 4,190 staff.
Mr Manning 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.”