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It’s always sad to see a former employer face hard times (unless it’s MA Energy), none more so than when it’s Blockbuster, the company that helped me start my expansive DVD collection and really helped my movie addiction.
News that the company is once again in administration makes me wish I had the money to save them. Physical media is all but dead, streaming services and piracy stopping the local video renter from thriving. But I feel with a fresh direction, slashed prices and new lines added, Blockbuster could easily topple HMV as your go to place for media.
The full scoop is over at the BBC site, here are some of the stores I used to work at.
DVD and games rental chain Blockbuster is to go into administration for a second time, says its owner, private equity firm Gordon Brothers Europe.
Blockbuster collapsed for the first time in January, after losing business to online firms streaming films over the internet as well as offering rentals through the post.
It was sold to Gordon Brothers Europe in March.
Before its troubles began, the firm had 528 stores.
Gordon Brothers Europe said in a statement that it had “striven to turn around the historically loss-making company by restructuring the business, investing significantly in strategic marketing activities and negotiating with the landlords of its retail outlets”.
It added: “The company also tried to develop a new digital platform but was unable to broker a licensing deal with Blockbuster UK’s parent company in the US.
“Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales.”
Pressure
It said there would be 32 redundancies at Blockbuster’s UK headquarters, but its remaining 264 stores would continue to trade while a buyer was sought.
The company employs about 2,000 staff, about half the level it did at the time of the previous administration 10 months ago.
Blockbuster is one of several High Street names to have come under pressure in recent times – particularly from online competitors.
Among them are camera chain Jessops, which has gone into administration; music and DVD group HMV, which has closed 66 stores; and electrical chain Comet, which closed its doors for the last time before Christmas last year.
Source: BBC