Blockbuster is latest victim of high street downturn
THE downturn on the high street has claimed yet another high-profile victim.
Film rental chain Blockbuster is the latest firm to go into administration putting dozens more jobs in the Bristol area under threat.
The news comes just days after HMV hit similar problems and the camera chain Jessops went out of business.
Blockbuster has four shops in the Bristol area - in Filton, Fishponds, Horfield, Shirehampton and Ashton, and a store in Weston-super-Mare.
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Nationally more than 500 stores are under threat employing around 4,200 staff. Around 70 people work in the Blockbuster chain in the Bristol area.
The rise of internet shopping and new firms offering downloadable films is being blamed for the demise of both Blockbusters and HMV. Both have struggled to pay their bills in the wake of disappointing Christmas sales.
Lee Manning, Matthew David Smith and Neville Kahn, partners at the accountancy firm Deloitte, have been appointed administrators.
Blockbuster has its headquarters in Uxbridge and also has an online division.
Lee Manning, a 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.
"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."