Blockbuster Is Said Likely to Close More Than 500 Stores

Blockbuster Inc., the video retailer operating in bankruptcy, is likely to close more than 500 stores and will seek ways to reduce lease costs on hundreds of others, a person with knowledge of the plans said.

The actual number of stores is still being worked out following the Dallas-based company’s Chapter 11 filing today, said the person, who declined to be identified because the deliberations are private and subject to court approval.

Patty Sullivan, a spokeswoman for Blockbuster, didn’t immediately respond to an e-mailed request for comment after normal business hours. The Wall Street Journal reported the store closings earlier.