Blockbusters stores in Newmarket, Mildenhall and Ely under threat
Film rental giant Blockbuster has announced it is going into administration, putting jobs in its Newmarket, Mildenhall and Ely stores at risk.
Business advisory firm Deloitte has been appointed joint administators to Blockbuster Entertainment Limited and Blockbuster GB Limited, which trade as Blockbuster.
A spokeswoman for the rental company said it was too early to confirm how many jobs would be lost or if any stores would close, but added that there was an average of five employees working in each store.
Lee Manning, joint administrator and partner in 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.”
Mr Manning said Blockbuster would continue to accept gift cards and credit following a backlash against CD and DVD retailer HMV, which refused to accept gift cards after recently going into administration.
He added: “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.”
A full report will be published in the Newmarket Journal on Thursday, January 24.
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