DVD and video rental store Blockbuster is the latest high street shop to file for administration, shortly after HMV and Jessops.
But, unlike Jessops and HMV, Blockbuster are honouring vouchers and gift cards if they were acquired through Blockbuster’s trade-in scheme.
If you’re affected by the closure of HMV or Jessops, take a look at our guide to what to do when a retailer goes into administration.
With 2,500 stores throughout Europe, America, Asia and Australia, and with 500 in the UK alone, this move puts more than 4,000 UK jobs at risk.
Accountancy firm Deloitte are dealing with the administration process and looking for a buyer. Deloitte partner Lee Manning said:
‘In recent years Blockbuster has faced increased competition from internet-based providers along with the shift to digital streaming of movies and games.
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.’
Blockbuster gift cards and vouchers
While going through the administration process, Jessops and HMV will not accept vouchers and gift cards, whereas Blockbuster will be honouring them.
Lee Manning said: ‘During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods.’
If you hear speculation that a retailer is about to go into administration, our advice is to spend your voucher as soon as possible, preferably in store.