The Biz: Bankruptcy Proceedings For Blockbuster UK

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Following news of HMV’s collapse yesterday, Blockbuster has become the latest victim of high street decline.

The stores will remain open for the time being, with accounting firm Deloitte taking over administration proceedings. High street shops have suffered at the hands of online retail and rental services such as Netflix, Amazon and LoveFilm.  Joint administator Lee Manning said:

“In recent years Blockbuster has faced increased competition from the internet based providers along with a shift to digital streming 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.”

At the time of writing it is understood that the American and Danish arms of Blockbuster will continue trade as normal.

Source: The Guardian