St Albans staff await news of Blockbuster administration
- Credit: Archant
ST ALBANS’ retail sector has been dealt another blow with a third chain store now in administration in less than a week.
Deloitte has been appointed administrator of Blockbuster, the DVD and video games rental company, which has outlets in London Road, St Albans, and the High Street in Harpenden.
Jessops closed on Friday after going into administration last Wednesday, and HMV was also yesterday placed into administration.
In an announcement today (Thursday) partners at Deloitte, Lee Manning, Matthew David Smith and Neville Kahn, said they have been appointed joint administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited.
Blockbuster has 528 stores across the UK, employing 4,190 staff.
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Lee 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.
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“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.