160 Blockbuster stores to close

• Blockbuster was founded in 1982 and its headquarters are in Dallas, Texas.
• It has over 2,500 stores throughout the Americas, Europe, Asia and Australia.
• The first Blockbuster store in the UK opened in March 1989 in Walworth Road, London.

• In September 2002, Blockbuster UK introduced its online DVD rental service.

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Blockbuster will honour vouchers and giftcards - they will continue to trade as normal while they try to find a buyer.

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In what is now boiling up to be a disastrous start to the year for retail, Blockbuster has just announced it has also collapsed into administration, putting 4,190 jobs at risk from more than 500 stores around the country.

The administrators cite “increased competition from, internet based providers along with the shift to digital streaming of movies and games."

That has made it harder and harder for the company to stay afloat. But they insist the core of the business is still profitable.

That means it is possible that buyers for some of the business can be found. Even if so, it is likely that many stores could close, and with that, many jobs are certain to go.

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Deloitte has been appointed administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster, the DVD and video games rental Company.

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 thebusiness 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.

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DVD and video games rental firm Blockbuster UK, which has 528 stores in the UK employing 4,190 staff, has gone into administration, Deloitte said.

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There are reports that Blockbusters will go into administration, another 4,000 jobs at risk.

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