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29/10/2013
Blockbuster Enters Administration For Second Time
Blockbuster has entered administration for a second time, owners of the DVD and games rental chain have announced.
The chain collapsed in January, blaming a lose of business to online streaming and rental businesses.
In March, the firm's 528 stores were sold to Gordon Brothers Europe, who today announced that it has again entered administration.
In a statement, Gordon Brothers Europe said that it had "striven to turn around the historically loss-making company by restructuring the business, investing significantly in strategic marketing activities and negotiating with the landlords of its retail outlets".
"The company also tried to develop a new digital platform but was unable to broker a licensing deal with Blockbuster UK's parent company in the US.
"Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales."
It is understood that there will be 32 redundancies at Blockbuster's UK headquarters, but the 264 stores that remain will continue to trade while a buyer is sought.
(MH/IT)
The chain collapsed in January, blaming a lose of business to online streaming and rental businesses.
In March, the firm's 528 stores were sold to Gordon Brothers Europe, who today announced that it has again entered administration.
In a statement, Gordon Brothers Europe said that it had "striven to turn around the historically loss-making company by restructuring the business, investing significantly in strategic marketing activities and negotiating with the landlords of its retail outlets".
"The company also tried to develop a new digital platform but was unable to broker a licensing deal with Blockbuster UK's parent company in the US.
"Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales."
It is understood that there will be 32 redundancies at Blockbuster's UK headquarters, but the 264 stores that remain will continue to trade while a buyer is sought.
(MH/IT)
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Seventy-two of the UKs 264 Blockbuster stores are to close with the loss of 452 jobs, it have been announced.
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DVD rental firm Blockbuster has become the latest UK high street firm to go into administration. The chain has 528 stores employing 4,190 staff. Deloitte, the accountancy firm which will now take over the day-to-day running of the firm, said Blockbuster had been affected by competition from internet-based film services.
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06 March 2012
Consumers Still Not Spending
Shoppers have continued to keep their spending in check despite recent signs of hope for the UK economy. According to The British Retail Consortium UK retail sales values were down 0.3% on a like-for-like basis from February 2011, when sales had fallen 0.4%. Total sales, including store openings, were up 2.3% but with inflation at 3.
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Shoppers have continued to keep their spending in check despite recent signs of hope for the UK economy. According to The British Retail Consortium UK retail sales values were down 0.3% on a like-for-like basis from February 2011, when sales had fallen 0.4%. Total sales, including store openings, were up 2.3% but with inflation at 3.
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