Blockbuster now in Administration again

[PeggleStar]

At about 14:30 today it was revealed that Blockbuster have gone into Administration for the 2nd time. This is bad news for people who have next gen console pre orders through them as now their not going to be fulfilled.

[featured_spectre]

Not only that, they're telling people to write to the administration company, and actively said on facebook there is no guarantee of any return of funds.

[gaz350b]

Sorry but anyone who preorders from blockbusters or hmv for that matter are really really stupid. The chances of a company to go into administration a 2nd time is very high.

[Arthur]

Sorry but anyone who preorders from blockbusters or hmv for that matter are really really stupid.

Agreed. Who in their right mind would buy anything from Blockbuster? There are plenty of other retailers they could choose from on both the high-street and online.

 

there is no guarantee of any return of funds.

At least the people who ordered PS4's and Xbox One's on their credit cards will get their money back thanks to the Consumer Credit Act (assuming they paid in full).

Edited October 30, 2013 by Arthur

[Rawns]

I can't understand how they tried to correct the business and what changes were made at store levels to try and get it back up and running. After it was 'saved', nothing seemed to change apart from some store closures.

[Arthur]

Blockbuster refunds megaphone protest man « BBC News

 

A disgruntled customer staged a protest using a megaphone outside a Blockbuster store after being told he would not receive a £450 games console.

 

Adam Sibley, 31, ordered the product from the Dunstable store in June and paid for it last week.

 

The chain went into administration on Tuesday and the store offered him DVDs instead of a refund.

 

He protested outside at 09:00 GMT and the firm, which said refunds were always on offer, returned his money.

 

Mr Sibley had said he would "do what it takes" to get his money back and stood outside the store with a placard saying: "Blockbuster robbed me of £450 for a Play Station 4 that I will not get".

[gmonks]

"We can confirm that Blockbuster Entertainment Ltd will be providing refunds for pre-orders, but local stores will be unable to fulfil such claims."

 

Unless you stage a protest!

[Arthur]

I wonder who the interested parties are?

 

Less than a week after Blockbuster US announced it would close all physical stores in the country, Blockbuster UK has gone into administration. Moorfields Corporate Recovery is the appointed administrator.

 

Blockbuster in Britain is a subsidiary of US-based Blockbuster LLC. Restructuring specialists Gordon Brothers Europe bought Blockbuster UK in March, after it went into administration last January. Blockbuster UK had 528 stores at the time, but now it has just 264 stores and 2,000 staff.

 

Blockbuster has not been able to stage a turnaround since its financial collapse and has again filed for a form of bankruptcy in the UK. As a result, Gordon Brothers Europe revealed that Moorfields Corporate Recovery has been officially appointed as the administrator of Blockbuster.

 

Nick O'Reilly, a joint administrator, said Blockbuster's 264 stores will remain open while Moorfields attempts to seek a buyer. There are apparently some parties interested in parts of the business, and Moorsfield is currently focused on securing a future and "trying to save jobs before Christmas".

 

“This is obviously a difficult and upsetting time for everyone involved at Blockbuster, in particular employees who have endured a stressful period since January this year,” said Moorfields' joint administrators in a statement. (Source)

[sidewinder]

Sad for the employees but they need to put it out of its misery. No buyer will be able to change the fact no-one wants physical rentals anymore. They should have closed all the stores and concentrated on improving their streaming/mail order business.