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 (£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

Click for news details: www.companiesandmarkets.com/News/Retail/Blockbuster-becomes-the- ..

Browse all Retail C&M News www.companiesandmarkets.com/News/Retail/?aCode=f3fb3973-dfd8-4f1 ..

About Us
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.com’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.