Blockbuster files for Chapter 11 bankruptcy

[Vidboy10]

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]
Source

 

[RoMee]

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

 

[DSGamer64]

Blockbuster is fail, no one rents games anymore, especially at their prices.

 

[DarkShadow96]

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

 

[craplame]

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

 

[Raiser]

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.

 

[Thoob]

Is this just a North American thing? Or are Blockbusters in the UK going to start closing too?

 

[GeekyGuy]

Is this just a North American thing? Or are Blockbusters in the UK going to start closing too?

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.

 

[retKHAAAN]

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

 

[KingAsix]

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. . . .

 

[_Chaz_]

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

"Their prices are too large to fail!"

...

*BILL PASSED*

 

[Midna]

Yay! They'll sell off their old stock cheap!

 

[nando]

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.

 

[Pliskron]

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

 

[Jax]

I can't remember the last time I rented a movie...

 

[ap831]

Blockbuster sucks

 

[RchUncleSkeleton]

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!