Blockbuster


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Blockbuster

A real estate agent or company that convinces a homeowner to sell his/her property at a loss because racial and/or ethnic minorities are moving into the area. For example, a blockbuster may hire a Latino woman to walk around a neighborhood and act as though she lives there. Blockbusters seek both to profit from the resale of the house and to encourage people to buy homes in new developments. Blockbusting became common after desegregation, and became very controversial after its public exposure in the 1960s. By the 1980s, the practice had largely disappeared.
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More than a decade ago, Blockbuster had more than 9,000 stores across the US.
Blockbusters is a highly readable--if slightly discursive--book.
Joint Administrators Simon Thomas and Nick O'Reilly, of Moorfields Corporate Recovery LLP, said: " Further to our recent statement, we are today announcing the closure of the remaining blockbuster stores across the UK.
"The transaction gives Blockbuster a future in the UK and we owe a special vote of thanks to all the firm's employees, suppliers and customers for helping us rescue the business."
Administrator Lee Manning, said: "This transaction provides Blockbuster with a future in the UK."
The Blockbuster brand will be licensed from US-based Blockbuster LLC.
Blockbuster went into administration January after failing to keep up with competition from internet firms and digital streaming of movies and games.
Blockbuster has come under pressure from companies like Netflix and Amazon's LoveFilm, which allow customers to have films, games and music posted to their home or live-streamed online.
DVD and games rental firm Blockbuster collapsed, throwing its 4,190 staff into uncertainty, with administrators Deloitte blaming the firm's trading woes on competition from internet firms and digital streaming of movies and games.
Mr Manning said: "In recent years, Blockbuster has faced increased competition from internet-based providers along with the shift to digital streaming of movies and games.
Deloitte said Blockbuster's core business - which still has two million active members - is profitable and it will keep all 528 stores open while it seeks a buyer.
Insolvency experts at Deloitte have been appointed to handle the collapse of Blockbuster UK, which trades from 528 shops, including ones at Wakefield Road, Waterloo; Knowl Road, Mirfield; and Northgate, Cleckheaton.