DVD rental chain Blockbuster is to shut 72 stores in the UK with the loss of 452 jobs after going into administration earlier this week.
The closures represent the loss of about a quarter of its 264 outlets and 2,000-strong workforce.
On Monday the chain, which has been hit hard by competition from supermarkets as well as the rise of online rentals, went into administration for the second time this year.
Administrators at Moorfields Corporate Recovery today said talks with potential buyers of parts of the business continued and a further update would be issued within the next seven days.
In a statement, the administrators said: “Over the past few days our focus has been to assess the financial situation of Blockbuster to find a buyer.
“As part of this process, we are regretfully announcing the closure of 72 stores across the United Kingdom.
“This has not been an easy decision to make and we acknowledge that, with Christmas on the horizon, this will be extremely upsetting news to a large number of people.
“Today’s decision is necessary if parts of Blockbuster are to be saved and a buyer found.
“Discussions with potential buyers for parts of the business continue and we hope to be in a position to update staff, creditors and customers shortly.”
Since its previous rescue from administration by private equity group Gordon Brothers Europe in March, it has suffered poor trading across both rental and retail sales, the statement said.
At the time of its initial collapse in January, Blockbuster had 528 stores in the UK employing 4,190 staff.
The firm announced at the end of last month that it was intending to go into administration again and did so on Monday, having failed to find a buyer in the intervening period.
Last week, the axe fell on 300 US Blockbuster stores leaving just 50 franchised shops.