Blockbuster UK becomes latest high street casualty
JOBS in Morley could be under threat after it was announced today that DVD and video rental company, Blockbuster UK, has become the second high street chain to this week, enter administration.
Blockbuster’s slump in to administration is the latest blow to the UK high street, and comes only a day after the collapse of entertainment retailer, HMV. The Uxbridge-based company was founded back in 1989, and now employs 4190 employees, operating in 528 stores nationwide.
Deloitte, the company handling the administration has linked the company’s financial collapse to the recent emergence of internet based competition such as Netflix and LoveFilm, as well as the digital streaming and downloading of films and games.
Lee Manning, Joint Administrator of Deloitte said: “The core of the business is still profitable, and we will continue to trade in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern.”
He added: “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 creditors.”
It is currently unknown what the future holds for the Morley store and its employees based on Queen Street.
More to follow and see next week’s Observer & Advertiser for more.
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