May 26 2013 Latest news:
Lee-Ann Richards, Reporter
Thursday, January 17, 2013
The future of two high street stores are looking uncertain after retailers HMV and Blockbusters went into administration this week.
On Tuesday January 15, DVD retailer HMV, which has a branch in the Liberty Shopping Centre, Romford announced that it was appointing administrators, leaving the future of its 300 stores uncertain.
The next day, the high street suffered another blow when business advisory firm Deloitte were appointed administrators to DVD rental firm Blockbuster, which has a branch in Hornchurch Road, Romford.
The company has struggled against internet rentals and sales in recent years.
It has 528 stores across the UK and employs 4,190 staff.
Lee Manning, of Deloitte, 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.”