BLOCKBUSTER SEEKS NEW BUYER AS TWO STOCKPORT STORES UNDER THREAT

Blockbuster, the DVD and Games rental retailer established in 1989, is the latest shock casualty of the High Street after the announcement earlier that HMV is in administration.

Blockbuster has 528 stores across the UK with 2 large outlets in Stockport – at Great Moor and in Marple town centre where the staff are now facing an uncertain future.

The firm has had to face fierce online competion as internet based firms and digital streaming of movies and games capture a greater share of market.

But there is hope as administrators Deloitte said that Blockbuster’s core business – which still has two million active members – was profitable and they would keep all 528 stores open while seeking a buyer.

Blockbuster is the latest retailer to hit trouble following household brands Comet, Jessops and HMV – most of whom have seen their sales fall following increased pressure from online competition. 

Blockbuster will continue to accept gift cards and credit bought through its trade-in scheme for second-hand movies and games, as well as operating its loyalty scheme.

Lee Manning, joint administrator and partner in Deloitte’s restructuring services practice, 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.”

Stockport, which has been nominated as a Portas Pilot town, is working to change the face of the High Street with innovative ideas to address the changes that the digital era is forcing and protect local business communities.