Jobs at risk as Blockbuster goes into administration
Movie giant Blockbuster this afternoon became the latest high street chain to go into administration, putting 4,190 jobs at risk.
The firm, which has 528 stores in the UK, including Rampart Way in Telford, Meole Brace in Shrewsbury, and Brownlow Street, Whitchurch, has appointed administrators from Deloitte.
The news comes in a black period for the high street.
Yesterday HMV was placed in administration with more than 4,350 jobs under threat and last week camera retailer Jessops closed down with the loss of 1,370 jobs.
In November electrical giant Comet closed with 6,000 job losses.
Lee Manning, joint administrator with Deloitte, said the company would be working to 'secure a sale and preserve jobs'.
Mr Manning 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."
Bosses at HMV insist there is still a viable future for the 92-year-old business.
Chief executive Trevor Moore said he was "confident that we will find a solution" despite appointing administrators.
