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Thursday, 30 July 2015

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Blockbuster goes into administration

DVD and video games rental firm Blockbuster UK is the latest to go into administration, putting more than 4,000 jobs at risk.

It has 528 outlets including stores in Whitehaven, Carlisle, Workington,  Penrith and Annan.

Deloitte, which was appointed administrator yesterday blamed Blockbuster’s collapse on competition from internet firms and digital streaming of movies and games.

The company opened its first store in London in 1989 and now employs 4,190 staff.

Joint administrator Lee Manning said: “We are working 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.”

Gift cards and credit vouchers acquired through Blockbuster’s trade-in scheme will be honoured.


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