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Retail woes continue: Blockbusters to follow HMV into administration - report

150 stores to close across UK in next six months

It's proving to be a very bad week for brick-and-mortars retail. Electronics rental business Blockbuster UK will shortly enter administration.

150 UK stores will reportedly close over the next six months, and "significant" quantities of stock are hanging in the balance. The chain currently employs around 4,190 staff and operates 528 UK stores in total.

HMV administrator Deloitte has been appointed as administrator, according to Sky News. The latter's Lee Manning pegged the blame for Blockbuster's collapse on, surprise surprise, stiff competition from online entertainment providers.

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"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," he said.

"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."

More as we get it.

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