Troubled Blockbuster files for bankruptcy
by Associated Press
Published: September 23,2010
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 today, 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 de-listed in early July by the New York Stock Exchange.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- Senate passes teacher pay raise legislation
- Lawmakers debating alternative to Medicaid expansion
- Pickering collects more money from failed beef plant project
- The First acquiring Alabama bank in cash/stock deal
- Todd Smith's Spin Cycle — Not milk! It’s end of era for milk industry’s iconic ‘Got Milk?’ campaign
- States settle with manufacturers in DRAM price-fixing case
- District at Eastover takes shape with financing in place, tenant signings under way
- MBJ's Businesswoman of the Year never expected her career to take this path
- Mississippi ag aviation plays a critical role in production and profitability