It's turning out to be a rather sad week for the UK high street, with Blockbuster being confirmed as the latest store to enter administration.
HMV entered administration last night and now reports on Sky News and BBC News state that Blockbuster is also in financial trouble.
Blockbuster, which has 528 stores and employs 4,190 staff, has appointed Deloitte, the accountancy firm to handle administration, although the stores will keep trading while it tries to find a buyer.
"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," said Lee Manning, from Deloitte's Restructuring Services practice.
"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.
"During this time gift cards and credit acquired through Blockbuster's trade-in scheme will be honoured towards the purchase of goods."
Blockbuster went bankrupt in the US in 2011, but was rescued by US pay-TV provider Dish Network. The UK arm is also owned by Dish Network but run separately.