Report: Blockbuster To File Chapter 11 Bankruptcy
08.27.10 |
(Los Angeles, CA) -- Blockbuster, one of the pioneer big-box movie rental businesses, will file for bankruptcy next month. The "Los Angeles Times" reports the company hopes to use the Chapter 11 filing to restructure a nearly one-billion-dollar debt and get out of leases on hundreds of stores across the U.S. Blockbuster reportedly has lost a total of one-point-one-billion dollars over the past two years and has found itself unable to compete against newer companies like Netflix and Redbox.
Blockbuster reportedly met with its top debt-holders and executives of six major movie studios recently to announce the so-called "pre-planned" bankruptcy that would be filed in mid-September. Blockbuster was delisted by the New York Stock Exchange last month because its price had fallen below a dollar. Blockbuster stock closed Thursday at eleven cents a share.
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