Filmnight Group, which had 60 rental stores, opted to exit the DVD rental market to focus on its mobile and online businesses after struggling to compete with increased competition in rentals via the internet. The stores are mainly located in London, Nottingham and the south coast area.
Asher Miller and David Rubin & Partners have been appointed joint administrators. A deal to sell 14 stores in London and Nottingham has been completed. The administrators said they were confident that they would be able to sell the rest of the business as a whole or in parts as a going concern.
Miller said: 'We hope that there will be further sales in the next fortnight.'
Giltmain and Filmnight Stores also wholesaled DVDs to other independent outlets.