BRITISH RETAILER BLOCKBUSTER has entered administration, putting over 4,000 jobs in potential jeopardy.
Three partners at Deloitte have been appointed joint administrators to the DVD and video games rental company.
Headquarted in Uxbridge, the firm has 528 stores and employs 4,190 people.
For now, the business will continue trading as normal.
“In recent years Blockbuster has faced increased competition from, internet based providers along with the shift to digital streaming of movies and games,” administrator Lee Manning said in a statement.
“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.
“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.”
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