Uncertain future for Clacton Blockbuster after administration announcement (From Clacton and Frinton Gazette)
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Uncertain future for Clacton Blockbuster after administration announcement
4:22pm Wednesday 16th January 2013 in News
FILM rental shop Blockbuster has fallen into administration due to added competition and dwindling trade.
Business advisors Deloitte have been appointed as administrators for the company, which has a store in Clacton on Old Road.
The Clacton store is one of 528 across the UK, with the company employing more than 4,100 staff members in total.
The future of the Clacton shop is uncertain following the announcement.
Administrator Lee 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.
“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.”