Blockbuster to appoint administrators

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UK entertainment retail is facing another huge blow, with reports that Blockbuster is to enter administration.

MCV sources have informed us that management had already been planning to shut in the region of 150 UK stores over the next six months.

The retailer is understood to be sitting on significant amounts of stock and is currently unable to source much in the way of new releases.

However, the crisis has taken a turn for the worse with reports that the company is set to follow HMV's lead and appoint an administrator shortly.

The chain currently employs around 4,190 staff and operates 528 UK stores.