Ashby store could be affected as DVD rental store Blockbuster appoints administrators
DVD rental store Blockbuster has appointed administrators, a move that could affect the future of its Ashby store.
The retailer, that employs 4,190 people across 528 stores nationally, announced the decision this afternoon.
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The Blockbuster store in Ashby today
The Ashby store is situated on Broadway and is the only one in North Lincolnshire.
It is the third retailer to go in to administration this year following Jessops and HMV.
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Lee Manning, Matthew David Smith and Neville Kahn, partners at Deloitte, the business advisory firm, have been appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster, the DVD and video games rental Company.
The Company is based in Uxbridge, with 528 stores across the UK employing 4,190 staff.
Lee Manning, Joint Administrator and Partner in Deloitte’s Restructuring Services practice, 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.”
Comments
by TFiLive
Wednesday, January 16 2013, 9:35PM
“It was over the minute they found copies of War Horse inside the cases for Hamburger Hill”
by prokopchuk
Wednesday, January 16 2013, 4:11PM
“Sadly, they're just another shoddy company that didn't move with the times and failed to clock the threat posed by internet companies. More needless job losses due to poor direction.
Who will be next in line ?”