Blockbuster Filing For Bankruptcy

[Horhay]

Beleaguered rental chain Blockbuster's financial woes have gone from bad to really bad, with the LA Times reporting that the company will next month file for bankruptcy.

According to "people who have been briefed on the matter", Blockbuster has already begun meeting with Hollywood's big movie studios to discuss the move, which its hoped will help them restructure $1 billion in debt and allow the company to get out of leases on around 500 of its stores.

In total, between 500-800 stores (of a total of 3,425) will be shuttered as part of the move, to go with the 1000 closed last year.

It's hoped that filing for bankruptcy will allow the company to continue to expand into new markets like automated kiosks and online streaming, but even if just under 3000 stores survive this mess, it sounds like the days of the bricks-and-mortar Blockbuster store could soon be coming to an end.

Source: http://kotaku.com/5623316/blockbuster-filing-for-bankruptcy

I haven't been in a Blockbuster for years now.

 

[jefXfree]

Yeah, I heard this as well. It sucks for them, they SHOULD have been on top of the netflix or or red box craze from the ground floor and smashed them like they did mom and pops stores.

There's NO reason they couldn't have been mailing games and movies together since day 1 to stamp out netflix/gamefly.

 

[Illiciter]

it really is a demise of their own making. How they didn't see the delivery of digital content and mailing of movies being the next big thing just blows my mind.


I just switched to internet T.V. and netflix instantaneous watching stuff.. and I honestly don't miss surfing channels and being stuck on commercials for 15 minutes at a time to watch a show... hell even hulu doesn't go longer than 30 seconds

 

[Goodguy818]

Sucks but it was gonna happen sooner or later, they charged $$5-6 a movie, not sure how much since i havent ben there in a while. Even mom and pop store by my house has been improving adding more blu-rays each each and prices that are reasonable.

 

[MacDaddyOJack]

I hope this doesnt mean that I have to go back to netflix....