BREAKING NEWS: Blockbuster goes into administration

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DVD RENTAL firm Blockbuster is the latest business to go into administration today (Wednesday).

The announcement follows on from Jessops and HMV this week, and it is not known if jobs at Banbury’s South Bar Street store will be affected.

Deloitte have been confirmed as administrators for the business, and Lee Manning, joint administrator and partner in its restructuring services practice, 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.”