Blockbuster the DVD and games rental company has filed for bankruptcy protection in court in Manhattan. The Dallas based company said it had made the decision as part of its attempt to cut its debts and restructure the business.

A deal has been agreed with his creditors that will allow Blockbuster to cut its debts from nearly $1 billion down to $100 million. Blockbuster’s none US operations are not included in the bankruptcy as they are separate entities. These includes its 4000 store network in the UK, Denmark, Italy, Mexico and Canada. The 3000 stores in the US will remain open for the time being, Blockbuster said. It’s senior lenders have agreed to lend the company $125 million to keep it operating during the bankruptcy.

Blockbuster grew over the last 25 years, to become the dominant force in movie rentals but has now slipped significantly as consumers have moved to other more innovative rivals such as Netflix whose shares have just reached a record high of more than $163.

Jim Keyes, Blockbuster’s chief executive said, “Blockbuster will move forward better able to leverage its strong strategic position, including a well-established brand name, an exceptional library of more than 125,000 titles, and our position as the only operator that provides access across multiple delivery channels – stores, kiosks, by-mail and digital.”

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