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."
Comments
by HARDCORE4LIFE
Friday, January 18 2013, 1:56AM
“Let's face it, be honest!! when was it you last bought a CD or DVD? Enough said!! Technology moves on, the companies knew the disk is struggling but yet made no attempt to adapt and compete on another level. They paved the way to their own graves!! R.I.P Blockbusters, HMV and Jessops!!”
by HARDCORE4LIFE
Friday, January 18 2013, 1:51AM
“The CD and DVD is on the way to an early grave in 2013!! The new era of watching films is by streaming and with the new 4K ultra high definition going mainstream in 2014, there is no way that the disk can survive!!
$K resolution can not be stored on a disk since the information is 8 times more than what a Bluray disk can hold, and there are rumors that films will be stored on the cloud!! Microsoft and Sony are taking these routes with the new Xbox and Playstation 4 due out later this year, both rumored to be 4K enabled and both will have no physical game disks!!
RIP Blockbuster and HMV, now it's time to bury your head in the sand and make way for the new streaming era such as my company!! Gone are the days of cassettes, vinyl, VHS, Toshiba HD disks, CD, DVD and photo orientated developing, that is so 1990's!! Full HD streaming will be this years biggest demand making way for the 4K and 8K revolution from 2014!!”
by alnicuk666
Wednesday, January 16 2013, 6:52PM
“more sad news, when is it all going to stop!”
by alnicuk666
Wednesday, January 16 2013, 6:46PM
“more sad news, when is it all going to stop!”
by ashleyvale
Wednesday, January 16 2013, 4:56PM
“Blockbuster has four shops in the Bristol area - in Filton, Fishponds, Horfield, Shirehampton and Ashton, and a store in Weston-super-Mare.
You should count using fingers on both hands...”