High street video rental chain Blockbuster is once again facing extinction after entering administration for the second time this year.
Current owner Gordon Brothers, which rescued half of the company's 528 stores and around 2,000 jobs when it stepped in last January to buy Blockbuster UK, has been unable to turn the struggling firm around.
The former king of the home rental market has struggled to adapt to the digital age with home streaming through rental services like iTunes, or all-you-can-eat portals like Netflix or Lovefilm taking over.
Despite the falling demand for physical media, Blockbuster has continued to only offer DVD, Blu-ray and games rentals and purchase in store, as well as through online subscriptions.
PS4 and Xbox One orders scrapped
Blockbuster's new owner had attempted to introduce a digital service, it said, but had failed to reach a licensing agreement with the US parent company.
"Regrettably, the months since the acquisition have also coincided with a period of poor trading performance across both rental and retail sales," said Gordon Brothers.
The company will now begin the search for a new buyer, while stores will continue to trade during while the Blockbuster sits in administration.
Perhaps more pertinently for UK customers, who probably won't miss Blockbuster all that much if it goes under, is the news that Xbox One and PS4 pre-orders made through the company have been scrapped.
A Blockbuster spokesperson told our sister site CVG that customers should visit the store where they placed the order for more information.
- A record amount of Brits ordered the Xbox One through Blockbuster, will they still be able to get a console on launch day?
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