May 19 2013 Latest news:
Alistair Kleebauer, Senior reporter
Wednesday, January 16, 2013
DVD rental firm Blockbuster which has a branch in Woodford Green has gone into administration, it was announced today.
The company has struggled against internet rentals and sales in recent years.
It has 528 stores across the UK, including one in The Broadway, and employs 4,190 staff.
Business advisory firm Deloitte have been appointed adminstrators.
Lee Manning, of Deloitte, 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.
“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.”
Staff at the Woodford Green store were unable to comment on the news this afternoon.