Policy & Law
Blockbuster UK has gone into administration — the British term for filing Chapter 11 bankruptcy protection — putting the future of its 528 UK stores and 4,190 employees in doubt. According to the BBC, Blockbuster UK will continue operating and trading while it tries to find a buyer; iTV says that Deloitte has been appointed as Blockbuster's administrator to handle the bankruptcy proceedings. We can't say this is a major surprise, as Blockbuster's US operations filed for Chapter 11 bankruptcy protection back in September of 2010, but it's just the latest in a string of retailers in the UK filing for administration. Both music retailer HMV and camera retailer Jessops both entered administration in the past week, with Jessops already having closed all of its stores. While both of those shops were long-running UK retailers, Blockbuster's story is ending a little quicker — the first Blockbuster stores opened in the UK back in 1989.
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