The BBC is reporting that DVD rental firm Blockbuster is the latest UK High Street firm to go into administration, introducing the prospect of major job losses ahead.
With photographic retailer Jessops closing for good last week and record store HMV currently in administration, things are looking very bleak for the British High Street.
The Blockbuster chain currently has 528 stores employing 4,190 staff around the UK and its day to day running will now be taken over by accountancy firm, Deloitte.
Speaking to the BBC, Lee Manning from Deloitte’s Restructuring Services practice explained that stores will keep trading while they endaevour try to find a buyer
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,” said
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.