Blockbuster is to close 129 stores across the UK as its administrator Deloitte begins its restructure of the embattled retailer.
CVG has been told through official channels that some 760 workers will lose their jobs as a result of the closure.
The proposed closure of 129 stores comes in addition to existing plans to shut 31 other Blockbuster shops across the UK. When Blockbuster's management announced on Wednesday that the company was going into administration, the corporation was operating 528 stores in total.
Deloitte is closing down stores that it deems unprofitable in the hope that, with its healthier outlets still trading, the whole business will have a better chance of being bought out by an outside company.
More store closures could be necessary, Deloitte said.
Redundancies will not be "immediate", the administrator has assured. A helpline has been set up along with an employee assistance programme.
A fire-sale is expected at the 160 stores that are closing, while the remaining 368 outlets will remain open as usual.
"Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold," said joint administrator Lee Manning.