Two major UK entertainment retailers went into administration this week.
Blockbuster, which currently employs around 4,000 staff and operates over 500 UK stores, has appointed Deloitte as its administrator. Deloitte's Lee Manning said Blockbuster faced Increasing competition from internet rivals and the shift to online streaming of movies and games.
HMV - which sells DVDs, CDs and other merchandise at its 243 stores - said that, after discussions with its creditors, it was unable to trade outside of insolvency protection and also appointed administrators from Deloitte LLP to oversee the sale or closure of the business. The decision could bring an end to 92 years of trading in the U.K. and puts more than 4,000 jobs at risk.
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XzbeatEveryone must be shopping at Amazon these days -
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