Blockbuster goes into administration putting more Lincolnshire jobs at risk
Film and game rental business Blockbuster has become the latest retailer to go into administration.
A number of stores across Lincolnshire could be affected with outlets in Sleaford, Grantham, Bourne, Stamford, Wisbech, Scunthorpe, Grimsby and two in Lincoln with another nearby in Newark.
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Administrators from advisory firm Deloitte have been appointed to run the business while a buyer is sought.
Gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured, the administrators say.
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The news follows the collapse of other High Street names Jessops, HMV and Lincoln's Sony Centre.
Lee Manning, from Deloitte’s Restructuring Services practice 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.”
Comments
by andywilliams
Friday, January 18 2013, 4:49PM
“Another example of the governments taxation rises working well! While another 4K people worry about work, hopefully they will get part time work to inflate the empolyment figures. I thought the private sector was going to soak up job losses in the public sector, think they are just adding to it! Good economic plan Dave?!”