Reuters reports that Blockbuster, the Dallas-based rental retailer, is expected to file for Chapter 11 bankruptcy as early as Wednesday. The company, struggling to compete with computer downloads and cheaper rental options, has more than $900 million of debt. Blockbuster and debt holders are working on a plan to continue operating, but hundreds of stores will be shut down. ”We continue to explore all of our options and are making good progress in our recapitalization process,” Blockbuster said in an emailed statement. ”Our discussions with the studios and bondholders continue to be productive, and we have every reason to believe we will come out of the recapitalization process financially stronger and more competitively positioned for the future.”
Sep 22
2010
12:29 PM ET
Blockbuster expected to file Chapter 11
- Comments 25
- Add comment
Latest News
- 'American Idol': The top 24 are...
- 'Idol': Replay MJ Santilli's top 24 chat
- Abby Elliott eyes Fox comedy pilot
- 'Survivor': Nina talks 'vapid' Kat
- 'Good Deeds' vs. 'Act of Valor' at box office
- 'John Carter': Taylor Kitsch's short hair?!
- Stevie Nicks to guest on 'Up All Night'
- Billy Crystal talks Oscars: See EW cover
Most Commented
- Chris Harrison blogs 'The Bachelor' episode 8 693
- Miranda Lambert tells Chris Brown to 'take notes' during 'Gunpowder and Lead' performance 616
- Father Knows Best? 608
- Amanda Knox signs a massive book deal with HarperCollins 596
- Rihanna and Chris Brown release simultaneous remixes, guest on each others' new tracks 460
Blockbuster? Is that still a thing?
i never lived blockbuster-Hollywood Video was way better cheaper and had better selection a shame to see them go i miss Hollywood Video- Netflix and Redbox are okay but its made people lazy and taken the fun out of movies in my opnion i miss walking to the video store with my friends
It kills me- people saying Netflix is making people lazy…. Your about to sit on the couch for at least 2 hours straight, but your talking about Netflix making people lazy…totally redonk
You never “lived” blockbuster…. yeah you sound real smart
Good riddance blockbuster.
Looking forward to buying up some DVDs of classics when they start liquidating inventory. Feasting on the corpse heh heh.
yep. Once any of the stores in my area close, I’ll be looking for some deals on DVDs & XBOX 360 games too.
People, you’re being overly harsh and unkind. How about all the people that may be losing their jobs? Not to mention those that have benefits they depend on for their family’s medical care. Whatever your beefs with Blockbuster are, try to be at least a little compassionate toward those who will be most effected by a store closing. I for one have always had a great experience at my local store. I get greeted by name, know who all the employees are, and have never been treated disrespectfully or had bad service of any kind. I consider these people friends, and I’m concerned for them. Try putting yourself in their shoes before spouting such drivel that any BB store closing is a good thing.
Three words: Start. Stocking. Porn.
LOL! So true!!!
I still go to video rental stores. Not blockbuster, but the independent ones. It’s really fun browsing through and picking out a movie. I’ve tried netflix, I like it, but it’s too “lazy” for me, and like I said, it’s fun to go to the rental stores.
I’ve been getting most DVDs from the library. Still a fun outing, but Free and you get to keep them for a week.
I used to love going to video rental stores and picking out movies. It was kind of a fun family outing. I don’t really like to bother with places like Netflix, so I really don’t watch as many movies anymore.
I wonder where they will liquidate.
Does the world really think everyone has a credit or debit card? At least half the population cant rent redbox or netflix, closing down blockbuster or other outlet video rental shops would be a blow the lower economy.
By the same logic, half of the population should be at Blockbuster using their cash. Apparently that’s not happening either. The real no-brainer is Blockbuster has to pay rent and employees which is why their videos cost $4-5+ and Redbox is $1, Netflix allows streaming.
Blockbuster doesn’t pay those things either. Its stores are franchises. The franchisees pay employee salary and rent, not the corporation.
Thats a lie the stores are not franchises, the corporation pays the employees and the rent. If they were just franchises, the company would not be going under….
There are relatively few franchise stores. The majority are corporate owned.
I go to Family Video pretty much exclusively now. Much cheaper and the staff is actually polite and knowledgeable about movies. I still went to Blockbuster occasionally, if Family Video was out of what I wanted, but then they started charging regular price for their older movies. At Family Video, they rent them two for a dollar! Sorry Blockhead, I can wait a night or two. Heck, even 7-11 has new releases for 99 cents. Why would I ever set foot in Blockbuster for the privelige of paying 5 bucks to rent something I can literally get down the street for a dollar.
Not surprised, but I’ll miss being able to go browse through a video store. I’m not on Netflix because I don’t rent movies THAT often. Usually I go see them at a theatre so it kind of sucks that I’m not able to check them out when they come out on DVD as much anymore
Get a library card. They have DVDs, VHS classics that never got to DVD and it’s all free.
Watching movies on the weekends is one of my favorite ways to unwind. I would go to the video store and get 2 or 3 movies at a time. But Blockbuster got so expensive, I was spending $40-$60 a month on video rental! It got to the point where I just couldn’t justify that anymore,so I stopped using Blockbuster about 18 months ago. I put off joining netflix for awhile, but I finally gave in this past April and I’m so glad I did. The price is right and the selection is FAR superior to what my local Blockbuster offered.
I had two stores semi-close to me close last year, so I was able to stock-up on Christmas gifts. I’m thinking of the one store that is left and if it closes what will happen not only to employees but to the pizza and chinese resturants in that strip mall that depend on the dinner and movie crowd. Thing is, the liquidation proved to me why I didn’t like blockbuster: poor service, inventory and stacks not maintained and the lack of qualilty and diveristy (lot of straight to DVD, skinimax, dozens of the same top-10 3-year movies, but little of indys, good foriegn, or black and white)
Library.