Future of Barnstaple’s Blockbuster store unknown as company enters administration
The future of Barnstaple’s Blockbuster store is in doubt after the company announced it had entered administration.
The store, which is situated on North Walk at the end of the high street, is understood to employ around five people.
The DVD and video games rental company, which is headquartered in Uxbridge, employs 4,190 staff at 528 stores across the UK.
It is the latest big name retailer to call in administrators, following in the footsteps of Jessops and HMV.
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Lee Manning, Matthew David Smith and Neville Kahn, partners at business advisory firm Deloitte, have been appointed Joint Administrators to Blockbuster Entertainment Limited and Blockbuster GB Limited who trade as Blockbuster.
Lee Manning, Joint Administrator and Partner in Deloitte’s Restructuring Services practice, 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.”
Other Blockbuster stores in the South West which could be affected are Exeter, Exmouth and Newton Abbot.