Blockbuster UK goes into administration

AP News
Posted: Jan 16, 2013 10:32 AM

LONDON (AP) — The DVD and games rental company Blockbuster has become the latest entertainment firm to go into a form of bankruptcy in Britain — a move that will put nearly 4,200 jobs at risk.

The accounting firm Deloitte said Wednesday it has been appointed to oversee administration of the company, which has 528 U.K. stores. Deloitte says the core of the business remains profitable and that Blockbuster would trade normally while a buyer is sought.

Blockbuster is the second firm in as many days to face administration amid pressure from Internet-based providers of movies and games. British music retailer HMV called in administrators Tuesday after more than 90 years in business.

HMV is the last big retail chain selling recorded music in Britain.