After years of going up against the likes of Netflix, Redbox, and internet piracy – tough competition that is only getting tougher – Blockbuster may be voluntarily declaring bankruptcy.
From The Hollywood Reporter:
The once-mighty video chain, which reported a fourth quarter net loss of $434.9 million, has been trying to diversify into new distribution channels as rentals and sales at its 6,500 stores worldwide continue to dwindle.
Apparently, Blockbuster is about $1 billion in debt:
In its filing with the U.S. Securities and Exchange Commission, the company said: “Our level of indebtedness may make it more difficult for us to pay our debts as they become due and more necessary for us to divert our cash flow from operations to debt service payments.”
Did we mention that we’re eagerly awaiting Netflix on the Wii?
(via The Hollywood Reporter.)
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