Blockbuster plans to close about 300 stores nationwide and cut 3,000 jobs, reported CNNMoney.
The video rental business was bought out by Dish network in 2010 after it went bankrupt.
Wauwatosa's Blockbuster closed its doors in December 2011.
Here are other nearby Blockbusters:
17345 W. Capitol Dr.
7690 W Appleton Ave
The company has not announced which stores it will be closing, but will keep 500 stores running, according to the report.
Stores will be closing as leases end and others are closing for underperforming.
In recent years Blockbuster has been struggling to compete with Redbox, a DVD rental kiosk box, and Netflix, online streaming and mail order rental movies and TV shows.
Blockbuster opened its first location in 1985 in Dallas, Texas.