The Block Is Busted: Video Rental Giant Files For Bankruptcy

The miracle Blockbuster executives were hoping for has failed to arrive; the company filed for Chapter 11 today. Blockbuster has filed for Chapter 11 and intends to continue to operate its 3,000 US locations while the bankruptcy proceedings are under way. It's hard to imagine how the company can meaningfully survive—executives have promised to reduce debt levels from approximately $1 billion today to just $100 million. Presumably much of the unprofitable fat has already been cut; Blockbuster has closed

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