Blockbuster declares bankruptcy, will stay in business

By Emil
Sep 23, 2010
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  1. Unsurprisingly, the struggling Blockbuster movie rental empire has filed for Chapter 11 bankruptcy protection in the United States, nearly 25 years after it opened its first store. The once-mighty video rental chain won't be, however, closing its 3,000 remaining stores, DVD vending kiosks, by-mail, or digital services, yet. It has struck a deal with its bondholders for a refinancing plan; more than 80 percent of its secured creditors gave their approval. Under the plan, Blockbuster's debt would be reduced 11-fold.

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  2. TomSEA

    TomSEA TechSpot Chancellor Posts: 2,230   +314

    No surprise. BlockBuster arrogantly sat on its (temporary) pile of money, while NetFlix and RedBox blew by them with innovative marketing and new technology.

    In these days of ever-changing technology, if you snooze, ya loose.
  3. Cueto_99

    Cueto_99 TechSpot Enthusiast Posts: 237   +11

    Outside the United States, where there is no access to Netflix, Blockbuster is one of the few options to rent a Blu-ray movie for a low price, its true what Tom says, but unfortunate for me...
  4. tengeta

    tengeta TechSpot Enthusiast Posts: 632

    Blockbuster gave their customers the shaft for years knowing there were no options once they crushed the grocery store rental competition. It sucks for them, but I really can't feel bad one bit, the only people I feel bad for are the ones like Cueto_99 who still don't have another option.
  5. viperpfl

    viperpfl TechSpot Member Posts: 40

    Blockbuster is still in business? The problem with Blockbuster is they wanted to stick with the old business model. They couldn't grab the concept that people didn't want to drive to the video store anymore. That it was easier just to sit at home on your couch, find the movies you want, and get your movies in 1 to 2 days. I always found that 99% of my time driving to Blockbuster was a wasted trip. They never had any new movies available to rent for that day. I wanted to rent a new movie one time, I had to wait over a week before it was finally available. I went to Netflix for the movie, and I got the movie in 1-2-3. With getting movies online, you get order movies 24 hours a day, 7 days a week, 365 days a year.

    I use to have a subscription to Blockbuster online, but I eventually dumped them. I dumped them because they lowered the amount of movies you could get by mail. They lowered the amount because they still wanted me to go to the store to get videos. My lifestyle changed, I didn't want to drive to the video store anymore. After working a long day, I was to tired to drive to the store and look for movies. Blockbuster lost my business and I went to Netflix.
  6. LNCPapa

    LNCPapa TS Special Forces Posts: 4,199   +228

    I can't feel bad for them either - I've been boycotting them for 2 years now. Horrible business practices.
  7. KG363

    KG363 TechSpot Enthusiast Posts: 523   +9

    I hate the idea of Netfilx. If I want to rent a movie, I rent it in a store. However, with Uverse's on Demand service, I have no need to rent
  8. treetops

    treetops TechSpot Evangelist Posts: 1,570   +41

    Good Blockbuster has been screwing us for years with there high prices. They actually tried to sue netflex a few years ago something to do with there low prices saying they were directly targeting blockbuster.

    If they have the market in your country cuteo im surprised there doing so poorly. You might want to invest in a blue ray burner and find somewhere you can download\buy blue ray movies or simply aye aye matey them.
  9. Wendig0

    Wendig0 TechSpot Paladin Posts: 1,062   +69

    I have no pity for Blockbuster. They're going down faster than an intern in the oval office, and have been shafting customers for years, while Netflix gives its customers unlimited access to movies for a mere $9/month. Piss on Blockbuster.
  10. LightHeart

    LightHeart Newcomer, in training Posts: 155

    As everyone has mentioned Blockbuster has been going down hill for quite some time. The issue with BB is that once successful they didn't know how to maintain that sucess. Then caught trying to play catch up with Netflix and Redbox they made and continue to make many mistakes. They really have nothing left to offer.


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