The Entertainment Retail Association hopes Blockbuster will re-emerge in some form.
The rental giant announced it would go into administration earlier today.
ERA's director general Kim Bayley says the rental giant has suffered due to the rise of online and on-demand rental firms.
We are saddened by the news that Blockbuster has today gone into administration," she said.
"Blockbuster has been a major player in the video and games rental business and to a lesser degree the retail market for many years. The rental business has recently seen a significant switch to online and on demand, which creates a significant challenge to store-based operators obliged to pay High Street rents. We offer our best wishes to the management and staff of Blockbuster and hope the company may be able to re-emerge in some form.”