Once the go-to place for movie rentals, Blockbuster is now expected to file for chapter 11 bankruptcy, according to CNBC.

In an email statement released Wednesday, Blockbuster said:

“We continue to explore all of our options and are making good progress in our recapitalization process,”

“Our discussions with the studios and bondholders continue to be productive, and we have every reason to believe we will come out of the recapitalization process financially stronger and more competitively positioned for the future.”

With online movie availability, as well as Netflix and Redbox, Blockbuster has struggled to stay above water.

The company is more than $900 million in debt, while in early 2010, Blockbuster operated almost 7,000 stores in the U.S. and abroad.

Yikes. But like with VHS tapes, some things just have to die out when new, improved alternatives are introduced.