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Blockbuster bankrupt

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Blockbuster filed bankruptcy - Chapter 11. They did it this morning 9/23/2010.

News Release: Here

They just can't compete with Netflix and Redbox. Their overhead is too high, and they are currently ?1 billion? dollars in debt. They said they plan to recapitalize and change their business structure, in the mean time they are keeping their stores open as usual while they undergo this company-wide transformation... But stores in Argentina have all just been shut down completely, gone.

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Another one bits the dust!

 

It's only a matter of time until all brick & mortar stores follow this pattern. The only places left will be grocery stores and premium stores in high-traffic area.

 

I use netflix and redbox anyways :lol:

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