Blockbuster, the world’s biggest movie-rental company, has filed for bankruptcy after failing to adapt its storefront model to online technology pioneered by rivals such as Netflix

The company listed assets of $1.02 billion against debt of $1.46 billion on a Chapter 11 petition filed in US Bankruptcy Court in New York. The company said it reached a deal with a group of bondholders on a plan of reorganisation and secured a $125 million loan to finance operations.

The filing “provides the optimal path for recapitalising our balance sheet and positioning Blockbuster for the future, as we continue to transform our business model to meet the evolving preferences of our customers,” Chief Executive Officer Jim Keyes said in a statement.

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