Blockbuster UK Collapses

[joshc807]

Iv'e been expecting this to happen for a while to be honest. There goes another one!

DVD rental chain Blockbuster has called in administrators - becoming the third major retailer to collapse this year - Sky's City Editor has revealed.

The company has 528 stores across the UK, and employs 4,190 people.

Deloitte's Lee Manning, who has been appointed joint administrator, said Blockbuster faced increasing competition from internet rivals and the shift to online 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," he said in a statement.

"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."

Source:
http://news.sky.com/story/1038898/retail-crisis-blockbuster-uk-collapses

 

[Ted]

It's a shame, but it was bound to happen sooner or later. Interestingly the first ever Blockbusters in the UK was my local one. Although that's gone now

 

[BigAl]

*waves goodbye to the high street*

 

[Dar]

Blockbusters still exists? I assumed it disappeared years ago! I haven't seen a store in a long time.

 

[Bear]

4000 more people out of work, what a shame!

 

[TheMan]

4000 more people out of work, what a shame!

I know this isn't a direct result, but welcome to a Tory government.

Just about old enough to remember this last time round.

 

[Tom]

This is the beginning of the end for capitalism and unsustainable continuous economic growth....hopefully.

As usual, it's really bad for people who are losing their jobs

 

[Scott]

4000 more people out of work, what a shame!

I know this isn't a direct result, but welcome to a Tory government.

Just about old enough to remember this last time round.

Not particularly into politics but I think these businesses would have still collapsed regardless of who is in Government...

 

[Andrew]

So now we're going to end up with pound shops and charity shops, not like there aren't already loads of them.

Just great...

 

[BigAl]

Place your bets on who'll be the next to go!

 

[Quetzal]

Jessops, HMV and now Blockbusters, what's next?

I really don't want to tell my grandkids "when I was your age we had this thing called the Highstreet"

 

[TheMan]

4000 more people out of work, what a shame!

I know this isn't a direct result, but welcome to a Tory government.

Just about old enough to remember this last time round.

Not particularly into politics but I think these businesses would have still collapsed regardless of who is in Government...

A fundamental basic of economics is supply and demand. With less people buying things, more things close down, more people out of work, less people buy things etc.

A chain they don't seem to grasp!

As I say though, I agree with Blockbusters but not necessarily HMV.

I thought Blockbusters had closed down a good while ago, surprised there was so many left. It is still a shame to hear of yet more jobs going!

 

[Andrew]

In a few years, there will just be computers in shops where you shop online, like an Argos type system.
It's a shame really as High Street shops are great!

What's next to go?
My bet's on Sports Direct.

 

[BigAl]

Yeah, we still use the Blockbuster in my nearest town from time to time. There are quite a few here and there.

Shame about the jobs that are being lost right now. :/

 

[TheMan]

In a few years, there will just be computers in shops where you shop online, like an Argos type system.
It's a shame really as High Street shops are great!

What's next to go?
My bet's on Sports Direct.

Nah, they are fine, they just punted a load of cash buying up JJB(?) bankrupt stock.

Love or loathe him, Mike Ashley is a clever businessman.

 

[KingNemesis]

Yeah.. The reason blockbuster failed in recent times is due to online streaming such as Lovefilm and the like. People are too lazy to rent out if its a chore taking it back, my nearest blockbuster is 20 minutes away and its the mind set of "oh god I have to drive for 40 minutes just to take this plastic case back, when for 5.99 a month you can sit on your sofa, *click* *click* *movie starts*

 

[James]

I really don't want to tell my grandkids "when I was your age we had this thing called the Highstreet"

As sad as it seems, I can honestly see this being the case in 20-50 years time. Online shopping is slowly beating down any reason for people to go out and shop.

 

[Adam James]

I'd place my bets on good old WHSmith being the next to go. Then it really will be the death of the traditional high street.

Blockbuster has mostly suffered not only due to the consumer moving online, but also due to a lack of renovation. Not only has the 'brand' remained the same for x number of years, but most stores I've seen look like they haven't seen paint since they opened.

 

[BigT]

4000 more people out of work, what a shame!

I know this isn't a direct result, but welcome to a Tory government.

Just about old enough to remember this last time round.

Not particularly into politics but I think these businesses would have still collapsed regardless of who is in Government...

A fundamental basic of economics is supply and demand. With less people buying things, more things close down, more people out of work, less people buy things etc.

A chain they don't seem to grasp!

As I say though, I agree with Blockbusters but not necessarily HMV.

I thought Blockbusters had closed down a good while ago, surprised there was so many left. It is still a shame to hear of yet more jobs going!

I think you will find this has got very little to do with any supposed down turn, rents are due and as always happens this time of year the weak always fall.
HMV and Blockbuster both had the same problem, they failed to move with the times due to bad management and left themselves open to a double prong attack from online business and the supermarkets.

The high street will survive because believe it or not confidence is beginning to return slowly and people are starting to spend there cash again. (Have you been to a shopping centre lately)

Interesting you blame the Tory government as you say your old enough to remember the last one, well some of us are old enough to remember the labour government before that too and I'll tell you that was as rotten as the last labour government, tax and spend money they don't have.
It always takes 10 years to clear up labours mess then people forget, vote them in again and what do we get? Bust again.

 

[josht]

Though blockbuster had already finished, there is only going to be shopping centres left no high streets