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Blockbuster staff wait to hear their fate
5:58pm Thursday 17th January 2013 in News
STAFF at Blockbuster in Wollaston are among the thousands across the UK waiting to find out their fate after the DVD rental chain called in the administrators.
Lee Manning, Matthew David Smith and Neville Kahn, partners at Deloitte, the business advisory firm, have been appointed joint administrators and have been continuing to trade the company while trying to seek a buyer.
The firm, which employs 4,190 staff and operates 528 stores nationwide, is the latest in a succession of high profile chains to have been hit hard in the battle against online competitors. Music and film seller HMV called in the administrators earlier this week while Jessops – the camera chain – closed its doors for good last week.
Lee Manning, joint administrator and Partner in Deloitte’s restructuring services practice, said: “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.”
He added that gift cards and credit acquired through Blockbuster’s trade-in scheme would be honoured.