DVD rental chain Blockbuster which has shops in Stamford and Bourne has called in administrators.
The company has 528 stores across the UK and employs 4,190 people. It has shops in Ironmonger Street, Stamford and the Burghley Centre, Bourne.
Lee Manning from Deloitte, who has been appointed joint administrator, said Blockbuster faced increasing competition from internet rivals and the shift to online streaming of movies and games.
In a statement he said: “We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
“The core of the business is still profitable and we will continue to trade as normal in both retail and rental whilst we seek a buyer for all or parts of the business as a going concern.
“During this time gift cards and credit acquired through Blockbuster’s trade-in scheme will be honoured towards the purchase of goods.”