Blockbuster collapses into administration

High Street DVD rental business Blockbuster has become the latest victim in the retail slump as it announced today that it had fallen into administration.

As was the case with HMV after going into administration on Monday, Deloitte has been appointed to take over the running of the firm while it attempts to find a buyer.

Deloitte partners Lee Manning, Matthew David Smith and Neville Kahn have been appointed joint administrators.

Manning, 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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Comments
Steve-EBL's picture

"why would anyone do it"    1 thanks

Steve-EBL | | Permalink

I probably hired on average 10 DVD's a year from my local blockbuster, the reason I would go would be that I was desperate for some cheap entertainment and I had nothing else to watch, be it on the TV or lack of a Love Film DVD on my doorstep.  So really Blockbuster was a stop gap for me, my main vice supplier being love film. 

If I were the Blockbuster CEO, I would have made the outlets into a Games Arcade/Fast Food/Film Hire/Gaming Console hybrid, that youths and adults went to pass time/get sustenance and see /hire or buy the latest films, games, tech.

I think there will be an online backlash as people start to feel trapped in their houses.

Everyone's got great memories

query | | Permalink

Everyone's got great memories of Blockbusters!

 

Then the internet came along.

 

Their business model was like a dinosaur.