Video and DVD rental chain Blockbuster is to disappear from the high street by the end of the year as administrators struggle to find a buyer.

Administrator Moorfields Corporate Recovery is to close 62 of Blockbuster’s 153 stores on Saturday axing 427 posts in the process, Sky News reported. Stock is expected to be sold off at 70% discounts and rentals stopped across the chain simultaneously.

The retailer’s remaining 91 stores are likely to close, at the cost of 808 jobs, by the end of the year unless a buyer emerges.

Sky reported there has been interest in Blockbuster’s customer lists and its sale-by-post business.

Moorfields urged the Chancellor to tackle retailers’ business rates bills ahead of the Autumn Statement later today.