Blockbuster has entered administration proceedings for the second time this year. Stores will remain open while the chain seeks another buyer.
According to the BBC, Blockbuster has struggled to compete with internet retailers despite an effort to bolster their online marketplace. Gorden Brothers Europe, who bought the firm after it nearly collapsed back in January, said that they had "striven to turn around the historically loss-making company by restructuring the business, investing significantly in strategic marketing activities and negotiating with the landlords of its retail outlets. The company also tried to develop a new digital platform but was unable to broker a licensing deal with Blockbuster UK's parent company in the US."
"Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales."
Their deal has now fallen through, and Blockbuster is seeking another buyer. Though 32 redunancies have been reported at head office, stores will continue to trade and the 2000 retail staff will retain their positions.
We'll keep an eye on the situation and wish all affected the very best in this uncertain time. Here's hoping for a speedy resolution.