Swindon video chain, Blockbusters, falls victim to recession
1:20pm Thursday 17th January 2013 in Latest News
ANOTHER High Street store has become the latest victim of the economic climate after Blockbusters went into administration yesterday.
The national chain, which has two stores in Swindon at the Orbital Retail Park and the West Swindon District Centre, employs 4,190 staff whose jobs are now at risk.
The company have appointed Deloitte as administrators and will continue trading while it tries to find a buyer.
The news comes a day after HMV also entered administration and camera-seller Jessops fell into trouble and closed earlier this month.
Joint administrator and partner Lee 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 while 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.”