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Blockbuster on its way to bankruptcy?


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#1 shrike4242

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Posted 03 March 2009 - 08:50 PM

Looks like Blockbuster might be going on its own way to bankruptcy:

http://www.dallasnew...r.20c5600e.html

Blockbuster reportedly hires firm to explore bankruptcy 1:43 PM CT

01:50 PM CST on Tuesday, March 3, 2009

By MARIA HALKIAS / The Dallas Morning News
mhalkias@dallasnews.com

Blockbuster Inc.’s shares plunged around 1 p.m. after reports that it had hired legal counsel to explore a possible bankruptcy filing.

Kirkland & Ellis LLP has been hired to evaluate restructuring options for the world’s largest movie-rental chain, according to Bloomberg News.

The wire service quoted a person familiar with the situation.



#2 advanced

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Posted 03 March 2009 - 08:55 PM

I remember my girl telling me about this.

Netflix literally fucked Blockbuster's world when they came out and Blockbuster has been slow to start restructuring its policies and business practices.

I haven't rented a movie or game in so long though...If I wanted to start, I'd go Netflix.

Bye bye Blockbuster.

#3 slidecage

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Posted 03 March 2009 - 08:59 PM

AHHHHHHHHHHHHHH MY 96 shares TANKED
WOOOO I STINK

#4 Doomstink

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Posted 03 March 2009 - 09:00 PM

Even though their game rentals are ridiculously overpriced, when I want to rent a game they are the only people to go about renting it from. I don't rent enough games to warrant gamefly, so I'd really hate to see Blockbuster go. I need them for my sporadic game rental needs.

When it comes to DVDs, I'm set. Ever since the redbox rolled into town, I've had no need for Blockbuster.

#5 burritoman

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Posted 03 March 2009 - 09:02 PM

7 bucks is pretty expensive for a game when you can get Gamefly for like $9 a month.

We got a local store that has opened 2 more franchises in the past 4 years while a local Blockbuster shut down and the others are empty.

Better prices=more business, dumbasses.

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#6 slidecage

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Posted 03 March 2009 - 09:05 PM

on CNBC blockbuster does not plan to go bankrupt..


Man the people who got this stock at 22 cents today is going to make a pretty penny tomorrow or next week. Probally go back up to 1 + though i will not be buying anymore.
WOOOO I STINK

#7 BillyBob29

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Posted 03 March 2009 - 09:08 PM

Anyone that is surprised to see BB heading this way, or considering this type of action, needs to have their head examined. Blockbuster has been a financial disaster for close to a decade now. I'm honestly surprised they have managed to hang around for this long.

#8 BillyBob29

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Posted 03 March 2009 - 09:09 PM

on CNBC blockbuster does not plan to go bankrupt..


Man the people who got this stock at 22 cents today is going to make a pretty penny tomorrow or next week. Probally go back up to 1 + though i will not be buying anymore.


They don't "plan" to go this route but the firm they hired was hired to review ALL of the companies options, which would include a potential bankputcy plan.

#9 mtxbass1

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Posted 03 March 2009 - 09:17 PM

"duh?"

I don't see how this is news. It's been known for a long time that they are in trouble. I give them 1-2 years at most.



#10 irishsoccermbw

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Posted 03 March 2009 - 09:22 PM

20 cents a share buy buy buy :)

#11 lilboo

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Posted 03 March 2009 - 09:22 PM

Blockbuster pisses me off and here is why.

Like someone mentioned before, Netflix really fucked them around. They have been changing a ton of their in store policies (and online) for the last years and nothing seems to work..and they never did the one logical thing: Offer Moves and GAMES online.

Instead of using Netflix & Gamefly, Blockbuster has the advantage here. They could have had Movie plans, Game plans, and Games & Moves plans. All with instore coupons and benefits, of course.
I always thought "It makes too much sense for them NOT to do this",..but..maybe I'm wrong.

Not saying offering games on their website would have saved them...but..I they could have def taken some customers away from Netflix and Gamefly

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#12 mcginnis

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Posted 03 March 2009 - 09:36 PM

So...should I use my giftcards now or wait till it's official?

#13 Ye0ldmario

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Posted 03 March 2009 - 09:39 PM

I stopped going there when they got rid of all their PS1 titles as well as genesis and NES. (I rented that long ago).

#14 karkyco

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Posted 03 March 2009 - 09:50 PM

on CNBC blockbuster does not plan to go bankrupt..


Man the people who got this stock at 22 cents today is going to make a pretty penny tomorrow or next week. Probally go back up to 1 + though i will not be buying anymore.


Yeah, because everything you hear and see on CNBC is infallible.:roll:

From Kramer claiming Bear Stearns and Lehman were going to be fine to their classic dotcom, real estate, and Dow pump n dumps, they're a bunch of rah-rah, clueless idiots. They need to stick with just reporting the numbers, and lose the pump n dump and "advice".

As for Blockbuster, companies that do not adapt and change with the times, that do not continue to evolve, go the way of the dodo. This is nothing new. They had every opportunity to utterly CRUSH netflix and gamefly when they first appeared, simply by benefit of their recources and scale of market (at the time). But like many, they underestimated their competition and the power, potential, and benefit of the web.

Blockbuster = Sarah Silverman...all bark, no bite
Netflix and Gamefly = Ryan Phillipe quietly laying the curbstomp and donkeypunch on...


Edited by karkyco, 03 March 2009 - 10:01 PM.

SPLASH!

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#15 slidecage

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Posted 03 March 2009 - 10:51 PM

Yeah, because everything you hear and see on CNBC is infallible.:roll:

From Kramer claiming Bear Stearns and Lehman were going to be fine to their classic dotcom, real estate, and Dow pump n dumps, they're a bunch of rah-rah, clueless idiots. They need to stick with just reporting the numbers, and lose the pump n dump and "advice".

As for Blockbuster, companies that do not adapt and change with the times, that do not continue to evolve, go the way of the dodo. This is nothing new. They had every opportunity to utterly CRUSH netflix and gamefly when they first appeared, simply by benefit of their recources and scale of market (at the time). But like many, they underestimated their competition and the power, potential, and benefit of the web.

Blockbuster = Sarah Silverman...all bark, no bite
Netflix and Gamefly = Ryan Phillipe quietly laying the curbstomp and donkeypunch on...



got to love CNBC when there were talking about the 12 days of xmas last year and they were showing those asian chics dancing around with santa ..... One of the people said something about

I wonder how much one of those cost (meaning a seat to the show but it sounded like he was trying to buy a hooker LOL)
WOOOO I STINK

#16 hopeunknown

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Posted 04 March 2009 - 01:12 AM

I'm not surprised. With Redbox and Netflix streaming, Blockbuster really has no place. I never see anyone go to their stores. With Netflix gaining as much steam as it is, I don't think DVDs or Blu-Ray will really sell too well. Streaming is the way to go, and it's cheaper all-around.

#17 Geekquisitions

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Posted 04 March 2009 - 01:23 AM

Well, with BlockBuster nerfing flipping and now gearing up to close their doors, it looks like the end of an era...
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#18 gr8asianman

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Posted 04 March 2009 - 01:30 AM

I'm not surprised. With Redbox and Netflix streaming, Blockbuster really has no place.


I haven't tried Redbox or Netflix, but just looking at the prices Blockbuster fails.

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#19 JJSP

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Posted 04 March 2009 - 01:35 AM

I haven't spent actual money in a Blockbuster store in probably two years. No chance in hell I'd bother renting there if I couldn't do it on the extreme cheap from flipping.

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#20 blitz6speed

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Posted 04 March 2009 - 01:38 AM

I'm not surprised. With Redbox and Netflix streaming, Blockbuster really has no place. I never see anyone go to their stores. With Netflix gaining as much steam as it is, I don't think DVDs or Blu-Ray will really sell too well. Streaming is the way to go, and it's cheaper all-around.


You are delusional if you think online streaming is going to even make a difference in the next 2-5 years. Movie studios still treat it like TV, the content expires and goes away. I watched half of Steamboy a few weeks ago on netflix streaming, now i went back to watch the 2nd half and its gone. Its license expired and it wont be back anytime soon. This policy is going NOWHERE as well, movie studios want it this way. Also, most people want to rent new releases, which streaming has none of. Its a failure in so many ways. Its good for catching up on older titles and tv shows, but it will never replace a true disc rental system.

#21 karkyco

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Posted 04 March 2009 - 01:44 AM

got to love CNBC when there were talking about the 12 days of xmas last year and they were showing those asian chics dancing around with santa ..... One of the people said something about

I wonder how much one of those cost (meaning a seat to the show but it sounded like he was trying to buy a hooker LOL)


:rofl:...yeah, I'm just bitter because I miss the 90's and early 2000's when Maria Bartromo was just SMOKIN' hot and wearing those tight little outfits on the trading floor. God she just hasn't aged well, and the replacements are ass.

LOL, I typed "Mario" instead of "Maria"...bwaaaahahaha

Edited by karkyco, 04 March 2009 - 05:54 AM.

SPLASH!

m93k0.gif


#22 Furashu

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Posted 04 March 2009 - 02:56 AM

i just canceled my block buster account.. oh god look i made the stocks plunge :(
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#23 Space Cowboy YGI

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Posted 04 March 2009 - 03:15 AM

LOL! No matter what comes of it, it seems BBV are in trouble in some form. If anyone is on the fence on a Netflix account, I would advise you get one now. I'm almost positive they're fees will rise once the big dog is out of the way or on it's way out.

#24 Ye0ldmario

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Posted 04 March 2009 - 03:17 AM

Come to think of it I haven't seen a blockbuster commercial on television for about 3 years now. They have one to the south of me that's been there since the early 90's where I used to rent all my genesis games back in the day.

Seems like they are slowly slowly exiting into the shadows to me.

#25 cranguy

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Posted 04 March 2009 - 03:18 AM

LIf anyone is on the fence on a Netflix account, I would advise you get one now. I'm almost positive they're fees will rise once the big dog is out of the way or on it's way out.

Ulgh, I hadn't even thought about this. I love Netflix and all, but it would be shitty if they raised prices because they had no B&M competition.

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#26 QiG

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Posted 04 March 2009 - 03:37 AM

Amazing how Blockbuster was on top and both Netflix and Redbox has innovated media renting while Blockbuster just played catch up. Even if they had to straight up jack the ideas of those other companies, they should have had the power and brand name to squash them. Oh well.. the weak companies with horrible policies and long term strategies will weed themselves out in this economy.
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#27 hopeunknown

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Posted 04 March 2009 - 05:17 AM

You are delusional if you think online streaming is going to even make a difference in the next 2-5 years. Movie studios still treat it like TV, the content expires and goes away. I watched half of Steamboy a few weeks ago on netflix streaming, now i went back to watch the 2nd half and its gone. Its license expired and it wont be back anytime soon. This policy is going NOWHERE as well, movie studios want it this way. Also, most people want to rent new releases, which streaming has none of. Its a failure in so many ways. Its good for catching up on older titles and tv shows, but it will never replace a true disc rental system.


I'm sure once Netflix figures things out (ie subscriptions where you may pay more for new releases/HD content) it will happen. I think it says a lot when a million new subscribers hop on in a matter of a few months. With Hulu and a lot of stations just throwing streaming files up, some people are actually cancelling their cable. I think Netflix is awesome because I don't have so many DVDs taking up space. I have 300+ things on my queue to flip through and just have there. Essentially it's just OnDemand service like Comcast has now. It's a lot cheaper to just have a file to download and stream rather than printing, distributing, etc. of an actual disc. I don't forsee music CDs being around a whole lot longer either for the same reasons.

#28 VipFREAK

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Posted 04 March 2009 - 05:19 AM

Should've been out of business a longgggggg time ago.

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#29 Scorch

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Posted 04 March 2009 - 05:28 AM

I wonder how Hollywood Video & Game Crazy are making out during this economic disaster.


Game Crazy is opening hundreds of new stores this year. They're scheduled to, anyway.

But shortly after this Blockbuster announcement, an internal memo was circulated. I don't know if this is public knowledge or not, and I don't know if I can even discuss it, but the CEO of Movie Gallery (which owns both Hollywood Video and GameCrazy) stepped down this afternoon. He's been with the company for many, many years. I don't know what this means for GC, if anything at all, as there's already a replacement.

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#30 shrike4242

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Posted 04 March 2009 - 06:32 AM

Very interesting, Scorch. That might be very interesting to see what happens next with those expansion plans.

In other news, this appears to be picked up by The Consumerist:

http://consumerist.c...ting-bankruptcy

As well as a couple other places:
http://blogs.barrons...lls-bankruptcy/
http://www.google.co...t=ob&q=NYSE:BBI