Following on from news of likely store closures for fellow High Street retailer HMV earlier today, the lead administrator for Blockbuster - Lee Manning - has delivered a damning indictment of the company's business practices, and has suggested that the road ahead is a rocky one.
"We are basically fighting in the trenches - but we get shot at by all sides," he told The Telegraph. "We try and save as many jobs as we can. But we can't save all of them. We have to deal with people that are in distress both emotionally and financially. With people who want their money back.
"There is a real reason HMV and Blockbuster are distressed and that goes beyond the problems of the high street. That is much more driven by technology and the fact that the delivery method of their product had been fundamentally challenged by technology.
"Simply put, there is less demand for the physical product when people can buy it easier and cheaper online. There is a technological revolution, And Blockbuster's online business has been underinvested and that has caused their demise.
"It is a generation thing. My kids' generation don't want to buy CDs or have stereo systems. They want something easily accessible and they want something immediately.
"You can't change that. The people who buy CDs are 35 to 70 years old. And at some point they have either bought the CDs they want or they will be dead."
In the interview Manning also stated that as many as 160 stores could be closed down, resulting in up to 1,000 potential job losses.