redbox and netflix spanked that ass

Dow Jones Newswires | Blockbuster Inc. said in a regulatory filing Tuesday that it probably will file for bankruptcy if it is unable to address its debt load. In the filing, the video-rental company pointed to its operating loss for 2009, reported late last month.

Because of the loss and "the increasingly competitive industry conditions," the company sees "substantial doubt about our ability to continue as a going concern," according to the filing.

Blockbuster said that if its operating results don't improve and if it is unable to refinance or restructure its debt, it "could require us to pursue a restructuring of our indebtedness or file for protection under the U.S. Bankruptcy Code."

According to a Reuters report Tuesday, Blockbuster's overall debt totals $1 billion.

The same report quoted Wedbush Morgan analyst Michael Pachter as saying "the key here is that it would be voluntary bankruptcy filing. Blockbuster is not being compelled at this point in their effort to continue to run the business and salvage what they've got."

Shares of Blockbuster ended Tuesday down 4.1 percent at 40 cents

Fury said:

This explains bringing back the late fees.....

I figured it was just a matter of time before this happened. The one in my neighborhood closed about a year ago. Netflix has cornered the market?

shortnsweet said:

i can buy a whole lot of stock for $400

I've worked 4 hours for this company. then I quit.

Well, last tie I went there it cost like $4 to rent a movie! I will not miss them.

I once saw Flea of the Chili Peppers freak out there and scream "I always knew this was a fascist company!" before storming out. Preach! Those fuckers edited their movies, cutting out anything too racy.

Rogers video must be scared now

NDRU said:

it costs us AUS$2.95!!

our hollywood video and blockbuster video are going out near my house, been buying movies there super cheap the last few weeks.

Goodbye motherfuckers.

Their prices have been ridiculous from day one.

netflix and theres these machines in some markets here u can rent movies for a buck ,., im cool with that .. bb i swore rippd me off serious not putn movies away when u brought em back n charged you. buh bye

Regardless of whether you though Blockbuster was run by sweet, happy, loving, benevolent sweethearts with rainbows and unicorns or by a bunch of Neo-Nazi fascist thugs, the writing was on the wall for this company several years ago. First Amazon comes in and lets people buy movies over the net, and then Netflix comes into existence with a unique selling proposition of not charging late fees. Then Netflix charges a flat monthly rate for rentals, further eating into Blockbuster's margins. And now with video-on-demand coming through Netflix and every cable and satellite company, no one needs to go to Blockbuster to rent videos anymore. Its not that Blockbuster did anything really sucky; they're just obsolete in the internet age.

Long before Netflix & Redbox came along, Blockbuster was already hurting because of all of the digital bootlegging that has been taken place for the last 10+ years. I recalled that George Lucas was mad as hell because Star Wars: Revenge Of The Sith was leaked in its entirely almost a month before it was release in theaters, also meaning that his potential DVD rental sales were being taken away.

Vendetta1 said:

I know....the last time I checked it was around $7 to rent a video game for only 5 days. I've since switched over to Netflix & Gamefly.

novabrkr said:

My aunt worked there in the late 80's and hated it. She used to sneak out video games for us. I'm not sure how she managed, but the stack of games was all courtesy of her. I don't think there was a market for video game rentals at Blockbuster back then, so they either didn't really care or that was her way of stickin' it to em. lol

The place I work for just filed Chapter 11. We've been struggling and have been in major debt for a long time now. I don't know if this company is gonna make it. We're not some major chain either, so I'm not sure how the chances of getting out of this mess is. I'm curious to know how many companies have survived Chapter 11. I'm looking for a new job just in case.

728huey said:

They overcharged.

They could have switched years ago to the Netflix way of doing things, especially when Netflix was new and people were skeptical. Dumbasses.

AnckSuNamun said:

Some companies file and emerge more than once.

I hope your company makes it because it is a bitch finding a new job out there. Good luck.

Anyone know if there's anything comparable to Netflix in Canada?

Vendetta1 said:

I know Thanks

Lammastide said:

good question, we have quikflix
http://www.quickflix.com.au/

TonyVanDam said:

I'm always amazed what the brothas have on DVD when the come around to the beauty shop(s). Damn the movie not out yet... how do you have a copy?

I refuse to buy bootlegs because the quality is for shit. Mofos in the movie talking and then you're liable to see a fool standing up right in front of the screen!

I know every time I go to a movie, usually a cheap matinee, there's always someone in there taping the movie! I don't know how the theater allows this!

728huey said:

Video on demand is cool but I like owning my movies on DVD.

Shit if you rent for two days u could have just bought the movie at walmart for $ 5 more. Places like blockbusters and suncoast thrived when movies were expensive as hell VHS. I went in a blockbuster
2 weeks ago almost picked up 2 used blu rays for 25