Tuesday, 17 October 2017

Another high street chain fails

THE future of the Blockbuster shop in Henley is uncertain after the entertainment chain went into administration.

THE future of the Blockbuster shop in Henley is uncertain after the entertainment chain went into administration.

The Market Place outlet is one 528 stores nationwide employing 4,190 staff.

Accountancy firm Deloitte is now running the business and says it hopes to keep trading during the search for a buyer. It said Blockbuster had been affected by competition from internet-based film services.

Lee Manning, of Deloitte’s restructuring services practice, said: “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.”

Blockbuster is the third high street business in a week to fail after Jessops and HMV also went into administration.

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