Simon Thomas and Nick O’Reilly of Moorfields Corporate Recovery have been appointed administrators to TS Operations Limited, trading as Blockbuster, the DVD and video games rental company.
The company, which entered administration for the second time this year in October, is based in Uxbridge, with 264 stores across the UK employing approximately 2,000 staff.
Nick O’Reilly told Insolvency News that the administrators are “using our best efforts to find a buyer for all or some of the company stores” and that for the time being it will be “business as usual.”
Blockbuster collapsed into insolvency in January 2013 after facing serious competition from online rental and video streaming competitors, before being acquired by the subsidiary of Gordon Brothers Europe in March.
A statement from Gordon Brothers said that despite the efforts to “turnaround the historically loss-making company by restructuring the business” Blockbuster suffered from “a period of poor trading performance across both rental and retail sales.”
Simon Thomas said: “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.
“We appreciate that staff and customers will want a speedy resolution, however, we must ask people to be patient over the coming weeks.
“We are pleased to say that there are parties who are interested in parts of the business. Our focus will be to secure a future for as much of the business as possible as well as trying to save jobs before Christmas.
“We remain committed to being open and transparent during the intervening weeks, and will ensure that all stakeholders, in particular employees, are kept regularly updated about developments.”