Blockbuster Is Going Bankrupt.

Discussion in 'User Submitted News' started by Vidboy10, Aug 27, 2010.

Aug 27, 2010
  1. Vidboy10
    OP

    Member Vidboy10 Tsardom

    Joined:
    Dec 15, 2008
    Messages:
    2,617
    Location:
    Vancouver, B.C
    Country:
    Canada
    [​IMG]
    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.[/p]
    [​IMG]Source
     


  2. Mantis41

    Member Mantis41 GBAtemp Advanced Maniac

    Joined:
    Jun 3, 2009
    Messages:
    1,853
    Location:
    earth
    Country:
    United States
    Another victim of piracy.

    Now.... Why does Karate Kid keep saying can't render file........ Hmmmm.....
     
  3. Bladexdsl

    Member Bladexdsl ZOMG my posts...it's over 9000!!!

    Joined:
    Nov 17, 2008
    Messages:
    14,347
    Location:
    Queensland
    Country:
    Australia
    video rental stores are pretty much going obsolete anyway
     
  4. Mantis41

    Member Mantis41 GBAtemp Advanced Maniac

    Joined:
    Jun 3, 2009
    Messages:
    1,853
    Location:
    earth
    Country:
    United States
    Quite true, with on demand services on the increase I would have thought they were a thing of the past.

    You know they will blame piracy for the demise no matter what.
     
  5. Fluto

    Member Fluto A potato in disguise

    Joined:
    Apr 17, 2009
    Messages:
    1,273
    Location:
    The Moon
    Country:
    Australia
    Block Buster went away very quickly in Aus lasted 3 months then Video Ezy came in

    in my town it was
    blockbuster - villagevideos - video ezy
    one after another they kept on buying the land
     
  6. Depravo

    Global Moderator Depravo Jaded curmudgeon

    Joined:
    Oct 13, 2008
    Messages:
    5,076
    Location:
    Purgatory
    Country:
    United Kingdom
    I only ever use Blockbuster for cheap used PS2 games and even then it's rare to find anything decent among the thousands of old Fifa's and Pro Evo's.
     
  7. smash_brew

    Member smash_brew I may or may not have fallen

    Joined:
    Oct 8, 2008
    Messages:
    708
    Country:
    United States
    I worked for blockbuster for 10 years. 5 as a general manager. I left a little over a year ago. To be honest im surprised that they have not completely folded yet. The store i was running was barely breaking even and that was only because we kept renegotiating the rent with the landlord. Glad i got out when i did.
     
  8. Guild McCommunist

    Member Guild McCommunist (not on boat)

    Joined:
    May 6, 2009
    Messages:
    18,151
    Location:
    The Danger Zone
    Country:
    United States
    Thing is, you only really want to go inside one when it says "Out of business sale!" and everything is dirt cheap.

    But with Netflix and on-demand services, no one goes out and rents movies any more. Plus movie piracy is just as easy as music piracy, so you may as well just pirate a movie and watch it.
     
  9. FAST6191

    Reporter FAST6191 Techromancer

    pip
    Joined:
    Nov 21, 2005
    Messages:
    21,707
    Country:
    United Kingdom
    I can not say I will shed a tear for this one. Every time I walk into the place I get the same feeling that I used to get when I walked into PC world (for the USians in the audience think the worst best buy you ever went into/heard about/imagined and then imagine that on a bad day).

    I reckon if they went the pile it high, sell/rent it cheap route rather than the cavernous open plan nonsense they have now and stopped trying to rip people off on hardware and snacks it might help- when I am considering walking into a co-op or spar to not get ripped off you know you are doing something wrong.
     
  10. injected11

    Member injected11 Crescent Fresh™

    Joined:
    Jul 17, 2009
    Messages:
    1,776
    Country:
    United States
    I doubt the problem was piracy. They got rocked by vending machines (Red Box, etc) and the internet (Netflix, Gamefly, etc).

    It's hard to compete with things that are newer, more convenient, cheaper, and still advertised. I'm amazed Blockbuster has lasted as long as it has, but it's time to pack up shop.
     
  11. gokujr1000

    Member gokujr1000 GBAtemp Advanced Maniac

    Joined:
    Oct 10, 2008
    Messages:
    1,715
    Location:
    Gallifrey
    Country:
    Australia
    I'm not to suprised about this in the city I live in we have 3 main Video Rental Stores here is the order on how big they are:

    Video Ezy ( Giant)

    Network Video (Bound to go bankrupt)

    Blockbuster( An old crappy store which no-one visits seeing everything they have availible is bad or already been played or seen 1 million times before therefore destroying every piece of nostalgia you once had)

    And then theres simple things like Netflix and Bigpond which allow you to order your games, dvds etc. online via the push of a button.
     
  12. Revolution [9]

    Member Revolution [9] GBAtemp Regular

    Joined:
    Mar 27, 2010
    Messages:
    112
    Country:
    United States
    I'm actually surprised it has took this long. The Blockbuster's around my area have gone out of business for at least half a year now. Things like Netflix and Red Box (for the average, law abiding citizen) must have taken its place.
     
  13. Bladexdsl

    Member Bladexdsl ZOMG my posts...it's over 9000!!!

    Joined:
    Nov 17, 2008
    Messages:
    14,347
    Location:
    Queensland
    Country:
    Australia
    there's still a BB here but i don't go to it cos they don't have many BRD or fail to get the new releases. that's the only time i go to a rental store now to rent BRD.
     
  14. Crystal the Glaceon

    Member Crystal the Glaceon GBAtemp Inkling™ Squishies~

    Joined:
    Sep 13, 2009
    Messages:
    14,727
    Location:
    Inkopolis
    Country:
    Antarctica
    I would feel bad, but I haven't had a Blockbuster in my area for years [​IMG] Hell thinking back I can barely remember where it was.
     
  15. DJPlace

    Member DJPlace P!ssed OFF Pyscho of GBA!!

    Joined:
    Apr 16, 2008
    Messages:
    4,480
    Country:
    United States
    i'm surpised my blockbuster is still around where i am living.
     
  16. Scott-105

    Member Scott-105 Bow to me. Please?

    Joined:
    Aug 23, 2009
    Messages:
    2,943
    Location:
    Ontario, Canada
    Country:
    Canada
    I already knew this was happening. It kind of sucks though.
     
  17. gov78

    Member gov78 Ha made you Look

    Joined:
    Feb 14, 2007
    Messages:
    728
    Location:
    London
    Country:
    United Kingdom
    blockbuster lol i aint been to one of them in about 7 years... rental is basically dead i havent ever rented a video game or movie from anyware in almost 10 years
     
  18. monkat

    Banned monkat I'd like to see you TRY to ban me. (Should I try?.

    Joined:
    May 21, 2009
    Messages:
    2,268
    Location:
    Virginia
    Country:
    United States
    Old news...I mean from piracy to netflix/redbox, blockbuster has a lot of competition....competition that is a lot cheaper.
     
  19. OSW

    Former Staff OSW Wii King

    Joined:
    Oct 30, 2006
    Messages:
    4,796
    Country:
    Australia
    Have to say I agree with you there FAST. Even here in melbourne, I always got the same feeling walking into blockbuster.
    Not that other stores don't try to capitalize on snacks and all, but the feeling from BB is just.. uncomfortable. And the prices were way steep!!!

    Also, last time I checked there was still a blockbuster about 5 minutes away from me. Pretty big one at that.
     
  20. Jakob95

    Suspended Jakob95 I am the Avatar

    Joined:
    Jan 15, 2009
    Messages:
    4,344
    Location:
    New York City
    Country:
    United States
    Now where will I go and rent games and then burn them into DVDs for myself to keep now?
     

Share This Page