Blockbuster files for bankrupcy - end of an era

[DesiPower]

So finally its over, I guess its filed for bankruptcy protection a few years back too. No more video rental stores you can go to... end of an era. (Redbox is stupid)

Blockbuster Inc., once the dominant movie rental company in the U.S., filed for Chapter 11 bankruptcy protection on Thursday, after reeling from mounting losses, rising debt and competitors that have better catered to Americans' changed media habits.

Blockbuster will continue to operate its 3,000 U.S. stores. But the move, long expected, marks the end of an era that Blockbuster and its gold-and-blue torn ticket logo helped establish -- of Americans visiting video-store chains for the latest movie-rental releases.

Last time I went there was probably 2 years back, wanted to watch "The Omen".

Please share your story/experience, I hope no ATOTer or immediate family was working there...

 

[brainhulk]

i used to rent movies from there for years. until I discovered netflix!

 

[waggy]

i used them. until i got netflix. where i don't have late "fees" that are insane. idiotic fees that are insane. no need to pay $5 to rent a movie.

i mean really they fucked over people for so long that they jumped at the chance to go someplace else.

 

[PingSpike]

I've never rented at blockbuster, there was only one around here and I never lived near it. Showtime is the 'big' chain here, but it was generally little mom and pop places that were closest.

 

[crownjules]

Everyone saw this coming. They were way too slow to catch on with the latest trends. First it was DVD-by-mail and then it was online streaming media. They had a slight edge over Netflix when you could return a DVD in-store for a rental and they'd mail the next one in your queue right away. But then they changed their policy so the mailing wouldn't occur until you returned the in-store rental. That and the two BB closing nearest to me got me to cancel my sub.

 

[bigrash]

I rent from Redbox and Netflix most of the time, and once in a while rent from Blockbuster. Can't say I'll miss it if they close down. Who wants to pay $5 per movie rental?

 

[BeauJangles]

I used to rent video games from West Coast Video, until Blockbuster bought them out. Jerks.

 

[Fingolfin269]

I'm kinda sad. Not shedding a tear for BB as much as it's just another sign of an end to an era. It was actually fun going to a video store and perusing the aisles, trying to find that perfect movie for yourself or your significant other or group of friends. It was a fun part of the home movie experience that is going to be dead soon.

 

[Freejack2]

Actually from what I read it looks like this Carl Icahn guy is taking over and plans to try and turn them around. There's still a number of people who go to video stores to rent, want more than the few that redbox offers, don't want to wait a day or two for their videos, and don't understand or care to use services like Amazon unbox. If Carl does his homework, he could turn Blockbuster around. It doesn't sound like they're planning to liquidate.

 

[TwiceOver]

I used them for a while because the store was really close to where I lived when in College.

Had Netflix until I got throttled, then cancelled. Now Redbox works fine for my needs. May pick up Netflix again in the future.

 

[mugs]

i used them. until i got netflix. where i don't have late "fees" that are insane. idiotic fees that are insane. no need to pay $5 to rent a movie.

i mean really they fucked over people for so long that they jumped at the chance to go someplace else.

I've never understood why people have such a big problem with the late fees. Really, you rent a movie and can't find time to watch it in a WEEK? The fees aren't idiotic, the people who pay them are.

 

[TreyRandom]

They had a slight edge over Netflix when you could return a DVD in-store for a rental and they'd mail the next one in your queue right away. But then they changed their policy so the mailing wouldn't occur until you returned the in-store rental.

This is what caused me to cancel my BB subscription and go with NetFlix.

 

[BlahBlahYouToo]

I rent from Redbox and Netflix most of the time, and once in a while rent from Blockbuster. Can't say I'll miss it if they close down. Who wants to pay $5 per movie rental?

i don't understand people who pay per rental at BB.

get the $9.99 monthly and when you're done watching the shipped dvd, bring it to the store and exchange for a free movie.

 

[lupi]

You have to remember, these places were big business when the studios would charge high double digit figures for a new release and not drop the price down until many months later. Of course the studios seeing that they were then getting minimal non-rental store revenue at those prices dropped the initial price fiasco to entice immediate consumer interest and this had as much impact as anything else, like netflix, for these stores going down.

 

[dud]

Actually from what I read it looks like this Carl Icahn guy is taking over and plans to try and turn them around. There's still a number of people who go to video stores to rent, want more than the few that redbox offers, don't want to wait a day or two for their videos, and don't understand or care to use services like Amazon unbox. If Carl does his homework, he could turn Blockbuster around. It doesn't sound like they're planning to liquidate.

Exactly.

I haven't been to a BB in years but I read the ENTIRE article the OP took his quote from and they have no current plan to liquidate. Icahn may/may not be able to make the company profitable again but he is banking a part of his own fortune on it. He bought up a large part of the company's debt, becoming a majority stockholder/owner. He's gambling that he's going to get richer.

BB stock is currently selling at $0.04/share. I think I'll buy 10,000 or so shares and see what happens.

 

[Thump553]

A business model built to maximize late charges is going to drive away customers-it doesn't take a genius to see that. Frankly I think the good will value of the Blockbuster name is negative.

A Chapter 7 liquidation or the equivalent is inevitable-the only question is how much more time and money is wasted before that conclusion is reached.

If Blockbuster had a gravestone I'd delight in p*ssing on it.

 

[Rudee]

Many stores will shut down permanently, however, Bankruptcy does not mean a company is going out of business folks. Quite often after obtaining protection from creditors via declaring Bankruptcy, companies restructure themselves and continue to operate, although at a reduced capacity.

 

[evident]

good, they deserve to be bankrupt. jerks, i tell you

 

[Wyndru]

Actually from what I read it looks like this Carl Icahn guy is taking over and plans to try and turn them around. There's still a number of people who go to video stores to rent, want more than the few that redbox offers, don't want to wait a day or two for their videos, and don't understand or care to use services like Amazon unbox. If Carl does his homework, he could turn Blockbuster around. It doesn't sound like they're planning to liquidate.

This is why I bumped the original BB bankruptcy thread this morning. They aren't going anywhere. They hope to get down to 100million in the red. This is just a restructure.

 

[LegendKiller]

So 3 years ago when I predicted that HD-DVD would be OK and Blockbuster would fail, I was right on one and wrong on the other.

 

[dfuze]

I've only gone to BB a few times over the last year or so, wasn't worth it for their sky high pricing. Not sorry to see them go.

 

[spaceman]

the used to have good used game deals
back in the day

 

[Aharami]

i still use them. Nothing can beat their total access deal. Love being able to exchange movies in-store, esp since the store is 5 mins walking distance from my house. Will be sad to see them go

 

[Aharami]

I've never understood why people have such a big problem with the late fees. Really, you rent a movie and can't find time to watch it in a WEEK? The fees aren't idiotic, the people who pay them are.

:thumbsup:

 

[SandEagle]

back in days I rented that horrible Wayans movie called Blankman from Blockbuster. it was a VHS tape btw and I returned it after viewing. well, a month later they sent me a letter wanting $110 claiming they never received it. fought against it and it went to collections. I hated blockbuster after that.