Blockbuster- Good news / Bad News

[yourbeliefs]

I should keep an eye out on my local blockbuster. Would love to get some good deals again like when Hollywood Video shut down.

On a related topic, is it a good sign when a grocery store that is literally across the street corner from the BB has a BB rental kiosk?

 

[TheForce]

Today, 9/17, it was announced that Carl Ichann bought about 1/3 of Blockbuster Bonds in order to control the Blockbuster bankruptcy.
According to the local BB manager, Ichann was the only visionary on the board and was always voted down by other members who did not want the company to grow into new areas. He told me one area was Icahann wanted to buy out Netflix early on and was voted down.
With Ichann back in the game BB may have a plan to navigate through Chapter 11.

Blockbuster has $900M in debt in second forbearance that expires 9/30. Current CEO wants to file for chap 11 protection before then. Ichann is worth about $3.7B

 

[Derwin0]

FOXNews.com - Blockbuster Files for Chapter 11 Bankruptcy

Blockbuster Inc. announced early Thursday that the company and its U.S. subsidiaries have filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York, hurt by major shifts in the way consumers view movies and media.

 

[televisionarchives]

If any of you live near a Blockbuster and they close see what you can get when they throw things out. The one near me sold , or tried to sell, many of the items in the store. They told me what didn't sell they would put in the back near the garbage bin. I just got around to looking at it after getting the stuff about 7 months ago. About 300 DVD Cases with DVD's inside . Most of them are bad movies.. About 50 PS2 games in Covers. Employee Name tags, Blockbuster shirts, Posters and tons of video games and movie covers. Lots more stuff that nobody wanted .

 

[TheForce]

Blockbuster said its U.S. stores, DVD vending kiosks, by-mail and digital businesses, remain open and will operate normally. Franchisees and non-U.S. operations were not included in the bankruptcy filing, the company said.

If the store near you was profitable, it will likely remain open ( for awhile) if not, it would have a closing sale regardless of the Chap 11 filing. All I can say is I'm glad I'm not holding stock in Block.A That money would be gone now. Let's see what the court says.