Blockbuster is entering administration, following a host of other high street stores as they struggle to compete with online demand.
It was revealed yesterday that the video and DVD rental chain would be entering administration following stiff competition from online retailers.
The first Blockbuster store opened in London in 1989 but with many consumers heading online to stream video and have DVDs delivered to their door, the company slightly changed their operation in 2002 when it offered DVD rental online via its website. Despite the company’s moves to keep up with the digital demand it entered administration yesterday.
There are currently 528 Blockbuster stores across the country and the recent changes could put over 4,000 jobs at risk.
The administrators are reportedly working to find a buyer for the chain and Blockbuster UK will continue trading for the foreseeable future.
Although gift cards for HMV are not currently bring accepted, customers of Blockbuster will still be able to trade in gift cards and use credit in store.
The beginning of the high street closures started with Woolworths back in 2009. Over 800 stores were dramatically closed following the company falling into administration. But the recent news could see over 1,400 stores closed across the UK in the coming months.