Deloitte focused on "generating as much value as possible" for Blockbuster creditors

In the same week as the UK High Street saw HMV slip into administration, fellow long-term chain Blockbuster has now followed its lead.

But whereas HMV bosses remain convinced that they can turn the situation around and save the brand, Blockbuster’s days already seem numbered.

In recent years Blockbuster has faced increased competition from, internet based providers along with the shift to digital streaming of movies and games,” Deloitte’s joint administrator Lee Manning stated.

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.”

Blockbuster currently employs 4,190 staff and operates 528 stores in the UK.

The collapse of Blockbuster follows the appointment of administrators at HMV as well as the closure of Comet and Jessops. A total of 16,000 jobs are thought to have been lost.