Video rental chain Blockbuster goes into administration
Video rental chain Blockbuster has gone into administration with more than 4,000 jobs at risk across the UK.
The chain runs four outlets in Swansea, one in Neath and one in Llanelli.
Administrator Deloitte has been hired to find a buyer for the group which it maintains is still profitable.
Blockbuster runs 528 stores across the UK employing 4,190 staff.
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Lee Manning, Joint Administrator and Partner in Deloitte's Restructuring Services practice, said: "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 possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
"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.
"During this time gift cards and credit acquired through Blockbuster's trade-in scheme will be honoured towards the purchase of goods."
The administration of the chain comes less than 24 hours after Deloitte was appointed to find a buyer for troubled entertainment giant HMV.
If HMV and Blockbuster close for good it will, along with the closure of eletrical chain Comet and photographic group Jessops, bring the number of retail jobs lost in the last six weeks to 16,000 across the UK.