Blockbuster on its way to bankruptcy?

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

http://www.dallasnews.com/sharedcontent/dws/bus/stories/030409dnbusblockbuster.20c5600e.html

[quote name='From Dallas News article']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
[email protected]

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.
[/quote]
 
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.
 
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.
 
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.
 
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.
 
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.
 
[quote name='slidecage']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.[/QUOTE]

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.
 
"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.
 
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
 
I stopped going there when they got rid of all their PS1 titles as well as genesis and NES. (I rented that long ago).
 
[quote name='slidecage']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.[/quote]

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...

http://www.youtube.com/watch?v=PAl5xGi7urQ
 
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[quote name='karkyco']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...

http://www.youtube.com/watch?v=PAl5xGi7urQ[/QUOTE]


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)
 
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.
 
[quote name='hopeunknown']I'm not surprised. With Redbox and Netflix streaming, Blockbuster really has no place.[/quote]

I haven't tried Redbox or Netflix, but just looking at the prices Blockbuster fails.
 
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.
 
[quote name='hopeunknown']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.[/QUOTE]

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.
 
[quote name='slidecage']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)[/quote]

: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
 
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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.
 
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.
 
[quote name='Space Cowboy YGI']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.[/quote]
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.
 
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.
 
[quote name='blitz6speed']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.[/QUOTE]

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.
 
[quote name='Never4Ever'] I wonder how Hollywood Video & Game Crazy are making out during this economic disaster.[/quote]

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.
 
I haven't rented anything from Blockbuster or any video store in years. No reason to, I can get brand new clearance games for less than a rental cost and if I want to rent a movie I can go to any of the local stores with a $1 rental vending machine.
 
Once blockbuster started to ask for your credit card to rent 360 games I looked at them and laughed and promptly left the store and haven't been there since.
 
[quote name='hopeunknown']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.[/QUOTE]

There is nothing netflix can do to fix the issue of licensing, the studios want it to remain this way. Ive spoken to execs at movie studios regarding this and they laughed when i said that the policys need to change, they have no plans to do that anytime in the near future.

Also, 80% of all music sales are still on CD. Anyone telling you that downloads of music are taking over the world are full of it. Who in the right mind would pay 15 bucks for a download of a album online, when for the same price you can buy the CD, rip it legally and do whatever you want with the CD after? Thats the dumbest crap ive ever heard of. Of course, most people download music ILLEGALLY, so to them they had no intention of paying in the first place. But those who do buy, usually buy the disc. Don't be fooled by the apple hype.
 
Blockbuster supposedly had some test stores in their home state offering stuff like HDtv's and a coffee/snack bar and some other things, from what I saw about them a while ago, but it would appear that the plans to expand some stores into such places never came to fruition.

But, could you imagine flipping cheap games and buying an HDtv with the proceeds from that for pennies on the dollar? That was one thing that definitely had me hoping they could afford to do this, though if anything I'm sure they'd make some cockamamie excuse as to why you couldn't use thousands of dollars in credit from a value card on an HDtv, just like the local stores told me you couldn't use it to buy gift cards.

Yet, an out of my area Blockbuster did JUST THAT about 2 months or so ago.

Here's an even funnier news item, though just as old as the story about BBV being on the way to going out, THEY were at one time considering trying to buy Circuit City.

Imagine if that happened? One failing company buying another failing company and six months later, they BOTH fail. Not that the loss of Blockbuster would be some crushing blow to any of us really, except those employed by them.
 
[quote name='blitz6speed']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.[/QUOTE]

Would you like some cheese with your whine?

You left the movie half unwatched for weeks and you're annoyed that the rental period expired? Were the terms not made plain when you joined? If you'd done the same thing with a physical rental you'd have run up a charge more than sufficient to have simply bought the movie at retail, or in a Netflix-type scheme had not gotten much value for your subscription cost.

The real answer is to not rent stuff, by any method, you aren't going to get full use of within the rental period. If it doesn't hold your interest just return it unwatched or let it expire. Either way it is the same loss.

The studios will budge when one seeks a new model. This has happened repeatedly. Paramount's management was derided as insane when the decided to try sell-through pricing for new VHS releases in the early 80s. Up until then all of the studios priced solely for the rental market. Paramount soon had the most profitable home video release in the industry's existence to that point and the rest of the studios soon followed suit.

It won't happen overnight but the moment they see someone making money in a way they aren't, they'll change policy very quickly and pretend it was always that way.
 
[quote name='epobirs']Would you like some cheese with your whine?

You left the movie half unwatched for weeks and you're annoyed that the rental period expired? Were the terms not made plain when you joined? If you'd done the same thing with a physical rental you'd have run up a charge more than sufficient to have simply bought the movie at retail, or in a Netflix-type scheme had not gotten much value for your subscription cost.

The real answer is to not rent stuff, by any method, you aren't going to get full use of within the rental period. If it doesn't hold your interest just return it unwatched or let it expire. Either way it is the same loss.

The studios will budge when one seeks a new model. This has happened repeatedly. Paramount's management was derided as insane when the decided to try sell-through pricing for new VHS releases in the early 80s. Up until then all of the studios priced solely for the rental market. Paramount soon had the most profitable home video release in the industry's existence to that point and the rest of the studios soon followed suit.

It won't happen overnight but the moment they see someone making money in a way they aren't, they'll change policy very quickly and pretend it was always that way.[/QUOTE]

All i will say in response is that NOWHERE on the netflix trial when you sign up, or the program you use to play movies, does it state the movies expire. EVER. That is not why i signed up for the service, to rent flicks. Ask anyone who isnt deeply involved in this subculture of online movie streaming who has a 360 and has use the netflix streaming, if they know that movies expire from the service. The majority will not know this. They dont tell you.

Anyway, it lacks HD movies like crazy, has major bandwidth issues (drops HD randomly at times and switches to SD out of nowhere even tho ive been watching HD for over an hour and nothing else is using the bandwidth), and has a poor selection. If i wasnt splitting the cost between my brother and i, i wouldnt even bother with it. Its a neat thing to have, but its no replacement for 99% of people out there.
 
Didn't Blockbuster just announce a short time ago they were going to compete with Redbox. Bluebox, I guess... or wait, Blueballs giving Blockbuster's nickname. :)

Anyway, the Blockbuster I went to did great business. My friend had the online subscription, but was constantly dropping off moves there, etc

Either way, no big deal for me. I got free rentals for years from an MCI/Sprint phone deal they ran ($25 gave you a free rental and we had two lines due to dial up, so it was always $50). And since I've moved, there's only West Coasts around here.
 
[quote name='VipFREAK']Should've been out of business a longgggggg time ago.
pixel.gif

[/quote]

The one in my local closed last year, thats why I had to find alternative places for games etc.

Usually use BestBuy.com or Amazon.com nowadays.

Happy days!

Saint
 
As far as Netflix films expiring from the service, it tells you exactly how long the movie is available on the film's page before you add it to your queue. Generally under the "add to queue" button, I believe, it says "available until _______" if it's a limited release.

No sense in blaming Netflix if you didn't bother to read it.
 
I remembered back in the day when Blockbuster had those hamster commercials. Now it is just Netflix
 
[quote name='PINKO']I think it is nuts,that there is a blockbuster on every street corner.where i live atleast[/quote]

Not for long, apparently...:bouncy:
 
I'm still going to Blockbuster. All my local stores are 99c rentals for everything not on the wall (new releases). And I'm a rewards member, so at my activity level, I'm doing about 8 movies a month for around $6.

They're also the closest video store to my house.
 
[quote name='hopeunknown']I'm not surprised. With Redbox and Netflix streaming, Blockbuster really has no place. [highlight]I never see anyone go to their stores.[/highlight] 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.[/QUOTE]

Well, you sound like someone who doesn't go there very often - so do you really know there isn't anyone in their stores, or is this just based on a drive-by in the middle of the day? I love how people who use Netflix or Gamefly just assume no one goes to BBV because they themselves like the other service so much.

There are a hell of a lot of people who like to go to B&M stores and browse for rentals. At nearly all the BBV around me they are as busy as can be on Friday and Saturday evenings, or the days before any holidays. I would often have to avoid trading games those times because the lines would be too long and it was too much of a hassle. They have a TON of foot traffic. Now, sure, Netflix and Gamefly have put pressure on BBV, no doubt, but their problems have been ongoing and have more to do than with just that issue (or the flipping issue which they have effectively taken care of but was very very minor in the grand scheme of things).

Though I agree with whoever said they won't be going much there without the cheap credit opportunity any more. I'm the same way - with the demise of cheap credit and the Coke Rewards free rentals (which I've been using for the last few years) I'm not likely to rent much there besides the 99 cent stuff. But on the other hand I see absolutely NO NEED to waste money on monthly subscription services like Netflix or Gamefly either - those seem like utter wastes of money to me. But then I'm not a huge at-home movie watcher (and I like to buy cheap-ass games, not rent them ;)).

Scorch - very interesting on the Gamecrazy expansion plans. I hadn't heard that one. Remember it was about a year ago we were hearing the same thing about Movie Gallery/Hollywood - they were up to their eyeballs in debt and were about to go under. They closed a bunch of stores and I really thought they were on their way out. Just like with BBV creditr now, people were wondering how quickly they should get rid of the credit they had there. I guess they are doing better now? If that's the case, you can't blame Netflix/Gamefly for BBV's troubles as they would effect Hollywood/Gamecrazy just the same.
 
[quote name='blitz6speed']All i will say in response is that NOWHERE on the netflix trial when you sign up, or the program you use to play movies, does it state the movies expire. EVER. That is not why i signed up for the service, to rent flicks. Ask anyone who isnt deeply involved in this subculture of online movie streaming who has a 360 and has use the netflix streaming, if they know that movies expire from the service. The majority will not know this. They dont tell you.

Anyway, it lacks HD movies like crazy, has major bandwidth issues (drops HD randomly at times and switches to SD out of nowhere even tho ive been watching HD for over an hour and nothing else is using the bandwidth), and has a poor selection. If i wasnt splitting the cost between my brother and i, i wouldnt even bother with it. Its a neat thing to have, but its no replacement for 99% of people out there.[/quote]

Movie expiration dates are next to the movie before you add it to your queue as stated.

I've not once had a problem with netflix, the streaming selection isn't amazing (yet) but it is damn good and they add stuff every week. My quality is always 4 bars and i dont think it's ever been lower. I dont have any problems with HD either.

The people complaining about the streaming quality/selection need to remember that there is NO extra charge to use it and you've still got pretty much every conceivable movie to rent via disc, which takes a whole day or two to arrive.
 
Well that explains why the Blockbuster closest to me shut its doors literally overnight. One day it was there, the next the entire store was empty and dark. I just assumed they didn't pay the electric bill...
 
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