Troubled Blockbuster files for bankruptcy
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.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- Mississippi Film Studios signs contract with New Orleans company
- David Duval, former British Open winner, joins Sanderson Farms field
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90
- Board authorizes sale of company that owns Silver Slipper Casino