Blockbuster UK goes into administration
January 17 , 2013
DVD rental firm Blockbuster has become the latest British High Street firm to go into administration due to tough competition from online retailers.
Music chain HMV and camera-seller Jessops have both gone into administration over the past week.
On Wednesday, Deloitte was announced as the accountancy firm that would take over running Blockbuster UK, which will keep trading while it tries to find a buyer.
The chain has 528 stores and 4,190 employees.
The first Blockbuster store in the UK opened in London in 1989.
In 2002, the firm launched an online DVD rental operation but has failed to keep up with rivals in recent years.
Blockbuster went bankrupt in the United States in 2011 but was rescued by American pay-TV provider Dish Network in a $320 million deal.
The UK arm is also owned by Dish Network but run separately.