This is still not completely verified, but should it indeed come to fruition, it certainly wouldn’t be too much of a surprise. According to The Los Angeles Times, once-popular movie rental service, Blockuster recently held a number of meetings with all six major movie studios, to discuss its plans to file for bankruptcy.

One of the primary goals of the Chapter 11 bankruptcy process, which the company said it hopes would last about five months, would be to escape costly leases for some of its worst-performing stores along with the debt of around 1 billion dollars. Though Blockbuster hasn’t decided exactly how many locations it would seek to shut down as part of a this process, executives told the major studios it is looking at between 500 and 800.

This is definitely a sad ending to the movie rental service but hope they come out stronger then before to compete with services like Netflix, Hulu or Redbox.