In another blow to the country’s High Street, games and film rental shop Blockbusters will go into administration, putting Lincoln jobs at risk.
The rental company, which has two stores in Lincoln, announced it appointed Deloitte as its administrators on January 15.
There are 500 Blockbusters in the UK, employing 4,190 people. Lincoln’s stores are located in the Carlton Centre and Lindis Retail Park, off Moorland Close.
There are also stores in Stamford, Sleaford, Bourne, Wisbech, Grantham, Scunthorpe and Grimsby.
Blockbuster blamed increased competition with online stores and digital streaming for its collapse, but insists that its core business is still profitable.
The company is presently looking for a buyer for its UK operation, however it is expected that a number of stores will be closed.
While the brand looks for a potential buyer, Blockbuster will continue to honour vouchers.
A statement from Deloitte 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.”