Like we didn't see this coming.

**GriffinSentinel** · 09-23-2010, 16:12

From GamePolitics.com:

Report: Blockbuster Headed for Chapter 11 Bankruptcy

"Reuters is reporting that retail video rental chain Blockbuster is preparing to file for Chapter 11 bankruptcy within the next few days. The Dallas-based video chain said earlier this year it planned to close around 10 percent of its rental outlets. Blockbuster is in serious debt: it currently has $900 million in debt, according to U.S. Securities and Exchange Commission filings by the company.

According to a source "close to the company,” Blockbuster is hashing out deals with debt holders that would allow it to continue operating but it would have to close hundreds of stores. Senior bondholders would convert about $630 million of debt into equity of a restructured company.

The company said in a statement to Reuters that it has the support "of a wide range of parties" and that it is working on "a more appropriate capital structure to support Blockbuster's long-term growth, including investments in our multi-channel platform and new opportunities."

The company is expected to file for bankruptcy in the next few days."

**River_Rat_459** · 09-23-2010, 16:33

P2P....Blockbuster's kryptonite.

**jxspyder** · 09-23-2010, 16:46

More like Netflix and Redbox. Legal kryptonite.

I might have to hit up the one next to my house if it closes, get some decent sales.

**MAKAVELI x28** · 09-23-2010, 16:49

I m with jxspyder on this, I did that very thing when all the gamecrazy stores closed down around me.

**Amiable Horde** · 09-23-2010, 16:52

ha...

i used to go into blockbuster just to make a list of movies i wanted to download.

**David_3033** · 09-23-2010, 20:42

Originally Posted by Amiable Horde

ha...

i used to go into blockbuster just to make a list of movies i wanted to download.

SSSSHHHHH!!!! Don't tell everyone!! :o :shock:

**Amiable Horde** · 09-23-2010, 21:27

i mean rent from netflix.

**saviger** · 09-23-2010, 23:48

Originally Posted by River_Rat_459

P2P....Blockbuster's kryptonite.

Ide say Netflix

**Metalhead Brett** · 11-07-2010, 01:34

R.I.P. Ballbuster. Thank you Netflix!

**toby2533** · 11-07-2010, 09:35

Then this guy pissed at redbox, a lot of F bombs

**tracker_usmc** · 11-07-2010, 13:40

I saw a Blockbuster box like the Red Box outside the Safeway Store by my house and they have a Blockbuster Store in the same shopping center. Looks like Blockbuster is going down the drain!