Blockbuster goes into administration
Film rental giant Blockbuster has gone into administration.
The DVD chain, which has a store on Twerton High Street, announced this afternoon that it had appointed Lee Manning, Matthew David Smith and Neville Kahn, from Deloitte as joint administrators.
The announcement has put at risk 4,190 jobs and 528 stores nationwide.
Mr Manning said the business would continue trading whilst a new owner was sought.
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He 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.”
Mr Manning confirmed that gift cards and credit acquired through Blockbuster’s trade-in scheme would be honoured.
Blockbuster’s announcement comes just days after HMV went into administration and camera firm Jessops collapsed with the loss of nine jobs in Bath.