16:50 17 January 2013
Blockbuster, the company popularly recognised for DVD and video rentals, are the latest casualty on the high street as of time of press, as they are calling in administrators. It is understood that Deloitte will look for a buyer for the firm in order to secure its future.
This comes after news this week on HMV having to call in administrators, which increases many people’s concern over whether thousands of jobs could potentially be at risk.
Blockbuster, who have over 500 shops, are said to have felt the strain from shoppers taking their business online as well as to large supermarket stores.
Amazon are one online company who offer competition to high street firms when it comes to sales of DVDs and CDs, among other products.
The chairman of the Commons Business Select Committee, Adrian Bailey, told The Independent that the situation on the high street is “getting very serious”.
Mr. Bailey said: “Even in more affluent areas there is already an increasing takeover of high streets by betting shops, fast food outlets and charity shops which do not provide the basis of a viable retail offering.”
HMV, who sell CDs, DVDs and also computer games, admitted they experienced a decline in their sales relating to October to December last year.
Jessops, a photographic retailer, is one high street firm who closed stores following their administration.
And electronic retailer Comet closed down before Christmas due to a lack of business. The firm had over 230 stores.
Blockbuster UK first opened their store around 24 years ago in the late 1980s.
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