Blockbuster Files for Bankruptcy
Fri, 24 Sep 2010 10:11:23
Home video rentals will never be the same, and honestly, they haven't been for quite some time. The formerly dominant video rental chain Blockbuster Inc. has filed for bankruptcy protection in what is a sign of the times of the digital age. The company failed to remain competitive with digital renting rivals like Netflix and Coinstar. The company will close stores across the country and has filed its Chapter 11 petition with the U.S. bankruptcy court in New York City. Under the plan, Blockbuster will reduce its debt to roughly $100 million from $1 billion.
$1 billion in debt? Holy shit, Batman! That means Blockbuster might go the way of West Coast Video chains. Remember those? Sigh.
Did you used to rent from Blockbuster? Remember when renting at Blockbuster on a Friday night was all the rage in the pre-Netflix era?