Blockbuster collapses into administration

DVD rental firm Blockbuster has become the latest retailer to bite the dust, and today appointed Deloitte as its administrator.

The collapse of Blockbuster, which employs 4,190 staff across 528 stores in the UK, comes just two days after high street stalwart HMV hit the rocks.

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

“In recent years Blockbuster has faced increased competition from internet based providers along with the shift to digital streaming of movies and games,” said Manning, joint administrator and partner in Deloitte’s restructuring services practice.

Deloitte said that the core of the Blockbuster business is still profitable and will continue to trade as normal while it searches for a buyer.