Blockbuster has told the studios that it plans to declare bankruptcy next month, reports The Los Angeles Times.
The move, which has been expected, will be designed to keep the video retailer in business. The bankruptcy will focus on allowing Blockbuster to restructure $1 billion in debt.
However, the Times reports that Blockbuster will likely close between 500 to 800 stores during the bankruptcy process, which could take up to five months.
Blockbuster has already closed hundreds of stores in the past year or two to streamline operations and reduce debt.
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