NEW YORK — Troubled video-rental chain Blockbuster Inc. is filing for bankruptcy protection but will keep its stores and kiosks open as it reorganizes.
In a submission to the U.S. Bankruptcy Court in the Southern District of New York on Thursday, the company said it plans to recapitalize its balance sheet and transform its business model.
Once a home entertainment powerhouse, Blockbuster has been losing market share and money for years as more Americans rent DVDs from subscription service Netflix Inc. and popularity surged for streaming video over the Internet.
The company, which had warned investors it might file for bankruptcy protection, was delisted in early July by the New York Stock Exchange.
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4 comments:
Not many stores, if any will stay open for long. It's an outdated business model that simply can't keep up with the competition. Very similar is the bookstore Barnes & Noble. It's not a bad thing. More choices and lower prices.
Criminal monopoly.
The squelched small business owners everywhere who tried in vain to make it on the short lived cycle of rent-able movies. They squelched them by lowering prices and fixing deals with the movie makers to destroy small business.
Now, they admit they can't pay their bills. IE: they charged unfair low prices for a product in order to destroy small business owners, and now they don't have the money to pay up.
Criminals. Blockbuster and Hollywood video company executives (from the past decade) should all be prosecuted for criminal monopoly of business.
Our government used to protect us from vulchers within our midst. Our government used to prevent or break up monopolies.
Now they allow Walmart to single handedly destroy the American retail economy through its monopolistic practices. It is a predator just like Blockbuster.
10:59
Hear here
Good. They charged their the nose for their movies and late fees. Good riddance.
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