Blockbuster files for Chapter 11 bankruptcy

Discussion in 'User Submitted News' started by Vidboy10, Sep 23, 2010.

Sep 23, 2010
  1. Vidboy10
    OP

    Member Vidboy10 Tsardom

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    This one's been expected and rumored for a long time. Now it's official: Blockbuster has initiated "pre-arranged" chapter 11 proceedings. Under the plan, Blockbuster's debt would be reduced from $1 billion to about $100 million when implemented. The press release states that Blockbuster is currently evaluating its US store portfolio as part of the recapitalization process. For the time being, all 3,000 stores will remain open. However, we've been told by a trusted tipster that up to 1,000 could be shed before things are said and done. Now make no mistake, Blockbuster is still open and wants you to know that it's business as usual during the restructuring -- the details of which you can read in the press release after the break.[/p]
    [​IMG]Source
     
  2. RoMee

    Member RoMee ??

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    They need to drop their damn prices
    for $5 I can get 5 movies at redbox
    add $5 more and I can get a whole month of dvd and streaming form netflix
     
  3. DSGamer64

    Member DSGamer64 Canadian, Eh?

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    [​IMG] Blockbuster is fail, no one rents games anymore, especially at their prices.
     
  4. DarkShadow96

    Member DarkShadow96 LA96£

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    Haha Blockbuster is bankrupt now... Now just for Videotron now..
     
  5. craplame

    Member craplame GBAtemp Regular

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    I didn't know they were in debt. That explains why two Blockbuster were suddenly closed. That sucks for them.
     
  6. Raiser

    Member Raiser I am mad scientist.

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    The one near my place has some sort of sale / discount going on. Always assumed it was because of this.

    Shame... our family liked renting movies from there, but there prices are damn jacked.
     
  7. Thoob

    Member Thoob LOLmonade.

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    Is this just a North American thing? Or are Blockbusters in the UK going to start closing too? [​IMG]
     
  8. GeekyGuy

    Global Moderator GeekyGuy Professional loafer

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    It will likely depend on the laws in the UK. I know that here in the States, it's often in the best interests for a company to milk resources and opportunity dry, let the company nosedive, and then sit back and let the government bail you out. The execs still walk away with their fruit baskets, assets are liquidated, and tax payers clean up the mess. Everyone, including Blockbuster, saw it coming. There's a reason they didn't try to steer clear of it happening. It's the most profitable outcome in the absence of creative managing of a corporation.
     
  9. wrettcaughn

    Member wrettcaughn Misunderstood Moral Elitist

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    yeah...I don't see the government bailing out Blockbuster....
     
  10. JinTrigger

    Member JinTrigger Asentrix Studios

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    I remember when my father would let me rent one game a week....every Friday if I did good in school. The only way I could play games up until he stop taking me....then I just bought them....now I download/burn games that I dont wanna waste my money on. Poor Blockbuster. . . .
     
  11. _Chaz_

    Member _Chaz_ GBAtemp's Official Mook™

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    "Their prices are too large to fail!"

    ...

    [​IMG]


    *BILL PASSED*
     
  12. Midna

    Banned Midna Banned

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    Yay! They'll sell off their old stock cheap!
     
  13. nando

    Member nando GBAtemp Addict

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    blockbuster actually had things right when they started their online service. i switched to it from netflix and it was way better... for a little while. then all of the sudden they changed the amount of movies you could trade in at the store, and then they changed the amount per week you could trade in at the store and then they changed the pricing and it just kept getting worse so i kicked them to the curb.

    and all those changes without a word of notice, total bullshit. plus their collection is weak. half the movies i wanted to see they didn't carry or they were the neutered version. places like blockbuster is why our movie rating system is so crappy and why so many movies get compromised to get an r rating instead of nc17. so to hell with them. they've always hurt the industry.
     
  14. Pliskron

    Banned Pliskron Banned

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    They hit me with a $10 late fee about ten years ago so I never went back.
     
  15. Jax

    Member Jax Pip Pip Cheerioink!

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    I can't remember the last time I rented a movie... [​IMG]
     
  16. ap831

    Banned ap831 Banned

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    Blockbuster sucks
     
  17. RchUncleSkeleton

    Member RchUncleSkeleton Skeletron 9000

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    Netflix and Redbox are dominating the industry! How blockbuster assumed it could still charge $5 per rental and maintain their business is beyond me. As far as games go there's gamefly for people who still actually rent games, for everyone else there's the internet. Even when they do liquidate their inventory it's not like they're going to have anything worthwhile anyways. Now if they had a huge backstock of snes games or something like that I'd be there quicker than anyone!
     

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