Posted Fri Jan 18, 2013 at 11:00 AM PST by Dick Ward
The company has entered administration and is now up for grabs, either in parts or in full.
We haven't heard too much out of Blockbuster in the US recently, but there are big things happening over at Blockbuster UK. The company has been going through hard times and has entered administration – essentially an alternative to liquidation. The plan is to sell off Blockbuster, in parts or in whole.
"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," says Lee Manning of Deloitte's Restructuring Services. He stresses that one of the big concerns of the restructuring is to save as many jobs as possible.
This marks one of several large UK retailers that have had trouble recently, including camera seller Jessops which entered into Administration only to close its doors completely.
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