Aug 27 - RIP - Blockbuster to file bankruptcy next month

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 7 years ago '98        #1
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ronnie|A 10 heat pts10
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Aug 27 - RIP - Blockbuster to file bankruptcy next month
 

 

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Blockbuster Inc. will file bankruptcy next month, people familiar with the matter have told the Los Angeles Times.
In a report on the Times website, the sources said the pre-planned Chapter 11 filing would be used to restructure a debt load of nearly $1 billion. A planned bankruptcy allows the debtor to work with creditors about payment terms ahead of the filing.

Sources said the bankruptcy would take five months. During that time, the company would be able to shed some costly leases of its worst-performing stores. The source said Blockbuster would close 500 to 800 outlets.
Movie studios, the Times reported, want the Dallas-based company to succeed so it can be a viable competitor to Netflix and Redbox.
Netflix's success already contributed to the downfall of video rental chain Movie Gallery, which filed for bankruptcy protection for the second time earlier this year. The company, which also owns Hollywood Video, is in the process of closing its remaining 1,050 stores.
Blockbuster also has been closing hundreds of unprofitable stores during the past two years. It still lost $65.4 million during the first three months of this year.


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 Blockbuster to file bankruptcy in September - Business - Retail - msnbc.com
NetFlix got 'em.


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105 comments for "Aug 27 - RIP - Blockbuster to file bankruptcy next month"

 08-27-2010, 01:13 AM         #2
Archie Bunker 
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Eurrrrrrrbody put up your blockbuster cards in the euuuurrrrrr.........



Then i want you to pour somethin
 7 years ago '06        #3
D.O.H. 
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i'll have to scoop up some games or somethin at the closing sale if my local one is one that closes
 7 years ago '09        #4
Gonzilla 1 heat pts
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Not gonna lie, back in the VHS days, we'd hit up Blockbuster all the time. I guess it was nice while it lasted.

:lipssealed: RIP.
First Hollywood Video. Now BlockBuster. I'll say next up is Redbox (because people still have to get up and drive to it).

Netflix... you better watch out, soon we're not gonna want to walk to our got damn mailbox.

Direct streaming to your TV via PayPerView/OnDemand/NetFlix is the future. You don't have to move s**t, but your finger on your remote.

 08-27-2010, 01:45 AM         #5
Icemouth 
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n*gga said netflix got em it's 2010 who the f**k pays for rentals
 7 years ago '08        #6
d3athb4dishonor 5 heat pts
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GOOD f**k THEM n*ggaS!
 08-27-2010, 01:59 AM         #7
Spid3yo 
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I've had both Blockbuster and Netflix

sorry but Blockbuster wins this.....you don't have to wait for new things to come in you can go right to the store and get it. 20 bucks a month to check out all the games and movies you want. Hopefully one of the stores by me don't close down.
 7 years ago '06        #8
Yung Dilla 1478 heat pts1478
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Damn circuit city tried the same s**t. Oh we not closes just getting rid of non performing stores two months later done deal.
 7 years ago '05        #9
TIGER HOODS 12 heat pts12
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Knew it was coming, they already shut down over 1500 stores a few years ago. Netflix been shutting s**t down.
 7 years ago '05        #10
Fresh|B 976 heat pts976
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...Well I Be Damn. Time To Rack Up On The Games.
 7 years ago '06        #11
ohiostate7 5 heat pts
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3 video stores already shut down in my city.. Including Blockbuster :sad2:
 7 years ago '04        #12
creep 14 heat pts14
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 Icemouth said:
n*gga said netflix got em it's 2010 who the f**k pays for rentals
apparently millions of people do via netflix/redbox.
 7 years ago '04        #13
YoungForcers 
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damn the redbox is putting everybody out of business
 08-27-2010, 02:26 AM         #14
Lex Lossis 
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Netflix ›››››
 7 years ago '08        #15
Main Event 55 heat pts55
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 08-27-2010, 02:27 AM         #16
bobbydrake6 
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f**k a store sale, i'm about to go rent some s**t and never return it
 08-27-2010, 02:34 AM         #17
Hitzz 
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GOOD! Them f**gots never took back my Halo 3 because they said I had it too long and tried to make us pay $60 for it to rent anotehr game. What happened to no late fees? f**gots.
 7 years ago '04        #18
Kadroan 103 heat pts103
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 bobbydrake6 said:
f**k a store sale, i'm about to go rent some s**t and never return it
lmao thats funny!
 7 years ago '10        #19
JKO 2 heat pts
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I used to work for BB back in 06'. Was my first job..

Netflix was a blow and redbox was the nail in the coffin for BB and it all went downhill. They pushed us to sell that s**tty blockbuster online (which was a fail).

All the stores in my town started to get shut down, my store being the 2nd...i think we have probably 4 or 5 left in my area.


Real fun job, met alot of cool customers that took care of you outside the store
 7 years ago '07        #20
Ham Rove 3510 heat pts3510
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 JKO said:
I used to work for BB back in 06'. Was my first job..

Netflix was a blow and redbox was the nail in the coffin for BB and it all went downhill. They pushed us to sell that s**tty blockbuster online (which was a fail).

All the stores in my town started to get shut down, my store being the 2nd...i think we have probably 4 or 5 left in my area.


Real fun job, met alot of cool customers that took care of you outside the store
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