Blockbuster UK Declares Bankruptcy

In the latest casualty of consumers' move towards online streaming video, Blockbuster UK has entered administration, the British equivalent of bankruptcy.

The chain, which employs 4,350 people in 239 stores, has called in accounting firm Deloitte, which will handle the bankruptcy proceedings. Deloitte is also handling the administration proceedings for HMV, another entertainment retailer.

Lee Manning, a partner at Deloitte, told SkyNews that, "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 poss…
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