Blockbuster is to enter into administration, and is following fellow entertainment retailer HMV's lead in appointing Deloitte to handle the forthcoming period of transition.
Deloitte's joint administrator Lee Manning said: "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."
It has also been announced that the struggling retailer is still going to honour gift cards and store credit during its period of administration.
According to a report on MCV, Blockbuster is currently sitting on "significant amounts of stock and is currently unable to source much in the way of new releases." If that's accurate, it's a serious problem for a company that currently has 528 stores (across the UK), and over 4,000 employees.