2013-01-17 18:19:12 - Blockbuster becomes the latest retailer to enter administration
Only 17 days into the year, but for the third time this month another retailer has become a victim of the decline within the British High Street.DVD rental firm Blockbuster announced it has entered administration after struggling against online competitors.The chain has 528 stores and employs 4,190 staff. Deloitte, the accountancy firm which will now take over running the firm, said Blockbuster UK would keep trading while it tries to find a buyer.The first Blockbuster store in the UK opened in south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles.The firm launched an online DVD rental operation in 2002, and the company´s website, blockbuster.co.uk, claims
to send out more discs per customer than other online DVD rental services in the UK.However, this online rental market became increasingly crowded with rival services, and now the popularity of streaming films over the internet is growing fast.Blockbuster UK has closed more than 100 outlets in the past few years. The company went bankrupt in the US in 2011, but was rescued by US pay-TV provider Dish Network in a $320m (Â£200m) deal, which saved hundreds of US stores from closing.Business experts have claimed Blockbuster´s problems were all too similar to those hitting other retailers - failure to adapt quickly enough to a changing business environment and consumer habits.Follow us on Twitter @CandMResearch
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