NEW YORK (
) -- If you are still holding on to a
gift card, you have just one week to use it.
According to fine print on the company's Web site, as part of its bankruptcy filing, all gift cards will expire on April 6.
The move comes ahead of Blockbuster's auction set for April 4. Reports surfaced earlier this week that Blockbuster may receive an unexpected bid from a South Korean wireless communication company.
According to a Blockbuster spokesperson, the new owners could decide to honor the gift cards.
The auction will open with a "stalking horse" bid of $290 million received from Cobalt Video.
Earlier in the week the struggling movie rental chain also reported a loss of $68.4 million for the period ended Feb. 27.
Blockbuster is looking to terminate leases on 187 stores, according to a court filing.
--Written by Jeanine Poggi in New York.
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