Video rental giants Blockbuster are now waiving the retreat flag as the US department of Blockbuster announced plans to close an astonishing 282 stores in the U.S. this year. This is due to many under performing stores and focus on its online rental service to compete directly with the online DVD rental company Netflix.

The UK department of Blockbuster is in a sorry state as trusted video game website Justgames.tv reported today that Blockbuster are on the edge which cant be good right now for Blockbuster employees. The US company Blockbuster, inc on the 3rd of March have hired lawyers to file for bankruptcy. Blockbuster have a huge worldwide appearance in the DVD, video rental market with stores all over the USA, South America, Europe etc… It could be a huge loss for Blockbuster employees if things turn sour. Another company effected by the credit crunch.