BREAKING NEWS: Blockbuster goes into administration putting jobs at risk in Rugby

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DVD company Blockbuster has gone into administration today (Wednesday).

Blockbuster is the latest high street company to go into administration this month, following Jessops last week and HMV this week.

Blockbuster has 528 stores across the UK - including one in Clifton Road, Rugby - and employs 4,190 staff.

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.

“The core of the business is still profitable and we will continue to trade as normal in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern. During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods.”