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Video rental chain Blockbuster Inc. filed today for bankruptcy protection to the US Bankruptcy Court in the Southern District of New York. The company said it had reached an agreement with a group of bondholders on a plan of reorganization, which may involve closing between 500 and 800 stores, on top of 1,000 stores already announced to be shuttered.
The company listed assets of $1.02 billion against debt of $1.46 billion.
After the disappearance of Hollywood Video and the 28-day window imposed at Netflix, Blockbuster was one of the few places left to rent all major new releases on Blu-ray.