Blockbuster to Shed 150 Leases

NEW YORK ( TheStreet) -- Blockbuster ( BLOAQ.PK) revealed in bankruptcy court this week more than 150 leases it plans to cancel.

Generally, when a company announces the canceling of leases it either means it plans to shutter those stores or look to renegotiate rent.

Blockbuster said in a filing that any property left in the stores "shall be deemed abandoned." The struggling movie retailer listed stores in New York, Texas, Florida and California, among others.

>>Icahn: Blockbuster 'Worst Investment' I Ever Made

The company has previously canceled 220 leases for stores it was closing and said it would shutter 72 stores by the end of 2010 and 110 more at the beginning of this year.

This comes after Blockbuster won the approval earlier in the month to conduct an auction for the company. The starting bid will be $290 million, an offer the company received from a group of investors in February.

--Written by Jeanine Poggi in New York.

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