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End of the line for Blockbuster?

Miramonti

Miramonti

Lifer
Their stock just went from $.80 to $.13, and now is at $.20. Anyone heard anything?

BBI


Update: Stock just halted at .22 for news.
Update2: thx Queasy, link, blockbuster hired a firm to 'evaluate' options, including bankruptcy.


I know a lot of people don't like blockbuster, but unfortunately their loss will enable Netflix to charge more.
 
Stock has just been halted at $.22 for 'News Dissemination'.

After an extra 11 million shares trade, they announce news.

Welcome to 'Insider Trading 101'.
 
The way those assholes charged me ridiculous fees and prices on their movies / games makes me glad to see them go under.
 
Originally posted by: hopeless74
yep i agree they'll be online only soon
Click to expand...

They've already changed their store hours. I was shocked to see them opening at 12PM instead of the usual 10AM. I imagine closing down the least profitable stores will be the next step.

edit: Bloomberg

March 3 (Bloomberg) -- Blockbuster Inc., the world?s largest movie-rental chain, hired legal counsel to explore a possible bankruptcy filing, a person familiar with the situation said.

Kirkland & Ellis LLP was asked to evaluate restructuring options for the company, which may include a ?pre-packaged? or ?pre-arranged bankruptcy,? in which much of the restructuring work is completed out of court, the person said. A pre-packaged filing is more advanced than a pre-arranged bankruptcy as it includes agreements from creditors about the outcome of the company?s reorganization.

Dallas-based Blockbuster, with more than 7,500 stores in North America, Europe, Asia and Australia, has been struggling to compete with Netflix Inc., the largest U.S. mail-order movie service. Blockbuster has expanded its digital library of movies and made them available on mobile phones and Web-connected TVs. It plans to offer 90,000 DVD titles by mail, according to the company?s Web site. Blockbuster spokeswoman Karen Raskopf declined to immediately comment.
Click to expand...
 
Originally posted by: Queasy
Originally posted by: hopeless74
yep i agree they'll be online only soon
Click to expand...

They've already changed their store hours. I was shocked to see them opening at 12PM instead of the usual 10AM. I imagine closing down the least profitable stores will be the next step.

edit: Bloomberg

March 3 (Bloomberg) -- Blockbuster Inc., the world?s largest movie-rental chain, hired legal counsel to explore a possible bankruptcy filing, a person familiar with the situation said.

Kirkland & Ellis LLP was asked to evaluate restructuring options for the company, which may include a ?pre-packaged? or ?pre-arranged bankruptcy,? in which much of the restructuring work is completed out of court, the person said. A pre-packaged filing is more advanced than a pre-arranged bankruptcy as it includes agreements from creditors about the outcome of the company?s reorganization.

Dallas-based Blockbuster, with more than 7,500 stores in North America, Europe, Asia and Australia, has been struggling to compete with Netflix Inc., the largest U.S. mail-order movie service. Blockbuster has expanded its digital library of movies and made them available on mobile phones and Web-connected TVs. It plans to offer 90,000 DVD titles by mail, according to the company?s Web site. Blockbuster spokeswoman Karen Raskopf declined to immediately comment.
Click to expand...
Click to expand...

Good find. Doesn't look good (or does, if you want to see them gone, lol.)
 
Sheer overhead. You can't open up a BB on every corner and expect them to all be profitable. Convenient? Sure, but bad for business. Starbucks learned that last year.
 
Their business model is messed up:

I disputed a $3 late fee once. Told them I wasn't paying it. I got a letter from an outsourced collections company for that $3 about a month later. Pretty sure $3 is less than the cost to initiate collections on it...
 
Originally posted by: RagingBITCH
Sheer overhead. You can't open up a BB on every corner and expect them to all be profitable. Convenient? Sure, but bad for business. Starbucks learned that last year.
Click to expand...

yeap. we have 2 blockbusters across the street from each other.


 
Originally posted by: jjsole
Originally posted by: Queasy
Originally posted by: hopeless74
yep i agree they'll be online only soon
Click to expand...

They've already changed their store hours. I was shocked to see them opening at 12PM instead of the usual 10AM. I imagine closing down the least profitable stores will be the next step.

edit: Bloomberg

March 3 (Bloomberg) -- Blockbuster Inc., the world?s largest movie-rental chain, hired legal counsel to explore a possible bankruptcy filing, a person familiar with the situation said.

Kirkland & Ellis LLP was asked to evaluate restructuring options for the company, which may include a ?pre-packaged? or ?pre-arranged bankruptcy,? in which much of the restructuring work is completed out of court, the person said. A pre-packaged filing is more advanced than a pre-arranged bankruptcy as it includes agreements from creditors about the outcome of the company?s reorganization.

Dallas-based Blockbuster, with more than 7,500 stores in North America, Europe, Asia and Australia, has been struggling to compete with Netflix Inc., the largest U.S. mail-order movie service. Blockbuster has expanded its digital library of movies and made them available on mobile phones and Web-connected TVs. It plans to offer 90,000 DVD titles by mail, according to the company?s Web site. Blockbuster spokeswoman Karen Raskopf declined to immediately comment.
Click to expand...
Click to expand...

Good find. Doesn't look good (or does, if you want to see them gone, lol.)
Click to expand...

Well, the funny thing is I'm actually considering moving back to Blockbuster from Netflix. Netflix's turn-around time on movies has been good, the streaming service is nice, and the price is alright. BUT, it has been damn near impossible for me to get a new release. Everything that has been released recently and is even mildly popular is stuck in Short Wait to Very Long Wait status. And when I time my returns to get back to the Netflix distribution center on the day of new releases (Tuesday), I never a get a new release even when it is at the top of my queue.

I currently have 10 movies in Short Wait to Very Long Wait status at the top of my queue. Compare that to Blockbuster where I could waltz into the store every Tuesday and exchange my movies for that week's new releases.
 
They also charge a ton for rentals now. I can see the movie in the theatres (albeit matinee price) for $0.50 more or I can own the movie for only $12 more and watch it whenever I want
 
Originally posted by: Queasy
Originally posted by: jjsole
Originally posted by: Queasy
Originally posted by: hopeless74
yep i agree they'll be online only soon
Click to expand...

They've already changed their store hours. I was shocked to see them opening at 12PM instead of the usual 10AM. I imagine closing down the least profitable stores will be the next step.

edit: Bloomberg

March 3 (Bloomberg) -- Blockbuster Inc., the world?s largest movie-rental chain, hired legal counsel to explore a possible bankruptcy filing, a person familiar with the situation said.

Kirkland & Ellis LLP was asked to evaluate restructuring options for the company, which may include a ?pre-packaged? or ?pre-arranged bankruptcy,? in which much of the restructuring work is completed out of court, the person said. A pre-packaged filing is more advanced than a pre-arranged bankruptcy as it includes agreements from creditors about the outcome of the company?s reorganization.

Dallas-based Blockbuster, with more than 7,500 stores in North America, Europe, Asia and Australia, has been struggling to compete with Netflix Inc., the largest U.S. mail-order movie service. Blockbuster has expanded its digital library of movies and made them available on mobile phones and Web-connected TVs. It plans to offer 90,000 DVD titles by mail, according to the company?s Web site. Blockbuster spokeswoman Karen Raskopf declined to immediately comment.
Click to expand...
Click to expand...

Good find. Doesn't look good (or does, if you want to see them gone, lol.)
Click to expand...

Well, the funny thing is I'm actually considering moving back to Blockbuster from Netflix. Netflix's turn-around time on movies has been good, the streaming service is nice, and the price is alright. BUT, it has been damn near impossible for me to get a new release. Everything that has been released recently and is even mildly popular is stuck in Short Wait to Very Long Wait status. And when I time my returns to get back to the Netflix distribution center on the day of new releases (Tuesday), I never a get a new release even when it is at the top of my queue.

I currently have 10 movies in Short Wait to Very Long Wait status at the top of my queue. Compare that to Blockbuster where I could waltz into the store every Tuesday and exchange my movies for that week's new releases.
Click to expand...

That's basically the reason I'm sticking to Blockbuster Total Access versus Netflix.
But with Blu-ray rentals (only thing I rent), the wait times can be pretty bad too. But, that's the reason I stick to Total Access. I take a movie I recently rented, return it in-store, and get a movie they have in stock.

The other half of why I'm sticking to it, is basically pretty similar to the above: with online rentals, I have to know in advance of a time I think I'll have to watch a movie, and that I'm going to be interested in the movie that gets shipped to me at that exact time, or else I end up keeping it for weeks until I get interested in it again.
It's not that I don't rent movies I like, it's that my movie interests are so varied that one day I want to see something, and the next something else. Unless its coming to theaters soon and I'm just so hyped about it for months that my interest is high until I finally see it, most movies I rent are either ones I've seen long ago on DVD or movies I haven't seen, really want to see, but are not something I just have to watch as soon as I get it.
For those movies, I go to a local Blockbuster and pick them out, and tend to watch them that same day. And that's why I love the actual stores. I have a movie I want to watch, and a movie I've rented online and watched, so I go to the store, pick the movie I have a desire to watch that day, and am ready to watch it when I get home or sometime that evening. Sometimes the movie I want isn't there, but I see something else I've been meaning to see and is in stock. On some occasions I go aimlessly into the local store to return my last movie just to pick up something that just piques my interest the moment I see it.
 
the last two dvd's i got from blockbuster online were like #10 in my queue and the ones above it were available. i just removed a bunch of movies off my queue and this time they actually sent #1, haha.
 
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