Blockbuster May Be on the Verge of Bankruptcy - Sitcoms Online Message Boards

Zebra 3 · 11-10-2005, 03:00 PM

(Studio Briefing) Blockbuster released its most dismal quarterly report ever on Tuesday, so dismal that it even included a warning that it may be forced to seek bankruptcy protection. The company reported a loss of $491 million during the quarter, most of it due to a write-down related to its spin-off from former parent Viacom. In-store business, it said, continued to be down due to the elimination of late fees, and online business remained flat as the company was unable to attract more than a fraction of Netflix's subscriber base. The company said that it plans to reduce marketing costs and sell or shutter its smaller rental chains, Movie Trading, Video King and Mr. Movies.

TJL · 11-10-2005, 03:14 PM

Oh no! I hope this means they're not going to close any of the 5,000 stores in my neighborhood!

11-10-2005, 03:00 PM	#1
Zebra 3 Striped Tomato Forum Veteran Join Date: Jun 26, 2002 Location: Bay City Posts: 5,811	Blockbuster May Be on the Verge of Bankruptcy (Studio Briefing) Blockbuster released its most dismal quarterly report ever on Tuesday, so dismal that it even included a warning that it may be forced to seek bankruptcy protection. The company reported a loss of $491 million during the quarter, most of it due to a write-down related to its spin-off from former parent Viacom. In-store business, it said, continued to be down due to the elimination of late fees, and online business remained flat as the company was unable to attract more than a fraction of Netflix's subscriber base. The company said that it plans to reduce marketing costs and sell or shutter its smaller rental chains, Movie Trading, Video King and Mr. Movies.
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11-10-2005, 03:14 PM	#2
TJL Suburbanite Extrordinaire Forum Star Join Date: Dec 29, 2001 Location: New Jersey - the cradle of civilization Posts: 16,588	Oh no! I hope this means they're not going to close any of the 5,000 stores in my neighborhood!
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