Report: Blockbuster close to filing bankruptcy

New York City Blockbuster is in the final stages of its long-rumored bankruptcy filing, with the filing expected to take place by Friday or sometime next week, according to the Wall Street Journal.

The chain’s restructuring plans are nearly finished, the report said, but creditors were still working out a few small issues. The Journal reported that under the reorganization plan, Blockbuster would keep a select number of brick-and-mortar locations while focusing on digital distribution.

The chain recently outlined plans to close nearly 1,000 stores. Somewhere between 500 and 800 additional stores could close under Blockbuster's bankruptcy plan, according to the report.

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