The firm launched an online DVD rental operation in 2002, and the company's website, blockbuster.co.uk, claims to send out more discs per customer than other online DVD rental services in the UK. The first Blockbuster store in the UK opened in south London in 1989, and the firm has sought to expand its services in recent years, including with a trade-in facility for pre-owned titles.
However, this online rental market became increasingly crowded with rival services, and now the popularity of streaming films over the internet is growing fast. Blockbuster UK has closed more than 100 outlets in the past few years. Music chain HMV and camera-seller Jessops both went into administration earlier this month.
"Firms like Blockbuster failed to face up to the enormity of the change and altered their business model on the fringes (eg selling second-hand products), rather than coming up with an innovative offering. It is shocking that the board and executive management failed to make bold choices."
HMV's administrator Deloitte is set to axe more than 900 jobs by closing 66 stores over the coming two months.
"Firms like Blockbuster failed to face up to the enormity of the change and altered their business model on the fringes (eg selling second-hand products), rather than coming up with an innovative offering. It is shocking that the board and executive management failed to make bold choices."
HMV's administrator Deloitte is set to axe more than 900 jobs by closing 66 stores over the coming two months.
The shops identified for closure include those in Wood Green, Wandsworth and Bayswater in London, and Burton-upon-Trent, Edinburgh, Wakefield, Wigan, Falkirk, Huddersfield and Chesterfield.
HMV went into administration last month, putting more than 4,000 jobs at risk, although it continues to trade all its 220 stores. The coming closures will see 930 jobs cut.
While HMV remains in administration, its £120m of debt was bought by the restructuring company Hilco for less than £40m last month. This raised the prospect that Hilco, which acquired HMV Canada in 2011, may rescue a slimmed-down version of the UK chain.
HMV went into administration last month, putting more than 4,000 jobs at risk, although it continues to trade all its 220 stores. The coming closures will see 930 jobs cut.
While HMV remains in administration, its £120m of debt was bought by the restructuring company Hilco for less than £40m last month. This raised the prospect that Hilco, which acquired HMV Canada in 2011, may rescue a slimmed-down version of the UK chain.
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