Friday, August 27, 2010
Breaking: Blockbuster tells studios bankruptcy is coming
The Los Angeles Times is reporting that Blockbuster has informed studios that it's planning to enter a "pre-planned bankruptcy" next month (or as I look it, going down the staircase to its death slowly). One of the goals is to get out of 500-800 costly leases on under-performing retail locations. It has around 4,000 in the US currently, according to Wikipedia which also notes that it's been working for some time to unwind or sell off many of its international assets. Reading the Wikipedia article, it's been without a good focus for some time, zigging and zagging without a plan while Redbox and Netflix have eaten its lunch. But I'm happy by the news, I've called video stores an unnecessary waste of space (I thought... can't find now) and I'm still bitter about being fired from Blockbuster early in my post-college life.