1:25 am - 01/17/2013
Blockbuster, the video and games rental company, has become the latest high street name to collapse into administration.
The rising popularity of internet film rental services like iTunes and Lovefilm have taken their toll on Blockbuster's 528 high street video rental stores, and the company is now loss-making.
The chain's collapse, which puts 4,190 jobs at risk, follows that of music retailer HMV earlier this week and will be seen as yet another sign of the devastating impact of the internet on bricks and mortar retailers.
Blockbuster is owned by the satellite broadcaster Dish Network, which was reported to have put the loss making UK business up for sale last year. It is understood Blockbuster's US and Danish businesses continue to trade as normal.
The company announced on Wednesday it had appointed Deloitte as administrator of its UK arm, which will continue to trade as it seeks a buyer for all or parts of the business.
After consumer anger over HMV's decision not let customers redeem record tokens sold over Christmas, Deloitte rushed out a statement promising to honour gift cards and credit acquired through Blockbuster's trade in scheme, where movies, games and consoles can be exchanged for credit and cash.
"In recent years Blockbuster has faced increased competition from internet based providers along with the shift to digital streaming of movies and games," said joint administrator Lee Manning.
"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."
Source
Mods, I didn't really know what to tag this under.
Blockbuster UK goes into administration
Blockbuster, the video and games rental company, has become the latest high street name to collapse into administration.
The rising popularity of internet film rental services like iTunes and Lovefilm have taken their toll on Blockbuster's 528 high street video rental stores, and the company is now loss-making.
The chain's collapse, which puts 4,190 jobs at risk, follows that of music retailer HMV earlier this week and will be seen as yet another sign of the devastating impact of the internet on bricks and mortar retailers.
Blockbuster is owned by the satellite broadcaster Dish Network, which was reported to have put the loss making UK business up for sale last year. It is understood Blockbuster's US and Danish businesses continue to trade as normal.
The company announced on Wednesday it had appointed Deloitte as administrator of its UK arm, which will continue to trade as it seeks a buyer for all or parts of the business.
After consumer anger over HMV's decision not let customers redeem record tokens sold over Christmas, Deloitte rushed out a statement promising to honour gift cards and credit acquired through Blockbuster's trade in scheme, where movies, games and consoles can be exchanged for credit and cash.
"In recent years Blockbuster has faced increased competition from internet based providers along with the shift to digital streaming of movies and games," said joint administrator Lee Manning.
"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."
Source
Mods, I didn't really know what to tag this under.
i guess i'll look for some but honestly it's so cheap already it's ridic
I don't physically rent shit I either own it or I just watch Netflix
This was 16 months ago and the only reason the company ACTUALLY closed the doors was because Dish Network made it impossible for anyone to purchase the company. It's a long, shady story and put an entire company, a great company out of business.
In the end, I will never, ever speak kindly of DISH network. I hope they burn to the ground.
Finally, I wish any UK BBV'ers luck with the process and I hope ya'll stay strong. I know the situation you are in, and it's terribly stressful. Enjoy your customers, your job, because when it's gone, you will miss it.
Also i remember that being my source for getting the r rated movies i wanted to see
I stay watching Arthur and Kids In The Hall
I've mostly been watching Supernatural on netflix, I'm almost done S2 :o)
Movies, not so much.
I remember when they first started their streaming and like the only thing available were like Doctor Who episodes from the 70s. lol.
/old
I love that Netflix has so many options now, but they could stand to have better movies on streaming.
BTW OT, is there an American Idol watching post here on ONTD?
Edited at 2013-01-17 03:04 am (UTC)
Edited at 2013-01-17 01:39 am (UTC)
Edited at 2013-01-17 01:42 am (UTC)
I haven't rented an actual dvd in maybe 5 years (if I had to take a guess, could be more). I had Blockbuster online so they would allow you to take your mailers into the store and exchange them for actual dvds then mail you more so it was like 6 at a time instead of 3.
now I have netflix streaming.
Edited at 2013-01-17 01:42 am (UTC)
when dvds first came out, I remember yelling at my brother that I would always stick to VHS lolol
Edited at 2013-01-17 01:43 am (UTC)
I haven't even purchased a magazine in years. Everything is online -- and for free if you know how to do it.
You can get that all online, for free, and it's legal.