Blockbuster avoids bankruptcy for now, but not NYSE delisting

Things stateside haven't gone the way of Blockbuster Portugal (yet) but while the Blockbuster was able to make arrangements with creditors and avoid bankruptcy this week, it will be forced to delist from the New York Stock Exchange after a proposed reverse stock split fell through. Even the extension on debt payments it was able to negotiate hasn't satisfied analysts, with our old friend Michael Pachter telling Reuters "there's nothing on the horizon that makes it look like Blockbuster is going to be more profitable." Ouch. A substantial amount of debt has long been a problem for Blockbuster as it tries to adjust to a changing marketplace with Redbox and Netflix, and with shares trading at .18, has now made its existence more precarious than ever.

[twinone4478 Posted Jul 5th 2010 12:46AM]

A lot of GRUDGE HOLDING former Blockbuster employees who seem to be part of the company's problem than part of the solution. I agree with the following statement - "What Blockbuster forgot was although it rented out movies, what it was really giving was an entertainment experience" and they may have adjusted a little to late to repair their reputation but the company is making money. Just not enough to cover their debt and gain confidence in the market place at this time. This could change in the future. With their on demand and by mail service, they are now starting to provide some innovation. I would keep my eyes open and not write them off too quickly.

[Joey the Squid Posted Jul 5th 2010 3:08AM]

In my younger, less conscientious years I was cleaning my room and stumbled across something that nearly made my heart skip a beat: an unfamiliar Blockbuster VHS tape.

Thankfully this was during the reign of VHS, so I hadn't had the movie out quite *that* long, however I also couldn't recall when exactly I'd rented that film. $70 later (a fortune to a high school kid), the tape was returned and I vowed never to rent there again.

Needless to say, Blockbuster has been dead to me for years. So I certainly won't mourn them when they finally call it quits. Good riddance, I say.

[mitchelldog4 Posted Jul 5th 2010 3:43AM]

2 blockbusters just closed up shop in my town and hate to say it but good riddence.

[MikeyBUK Posted Jul 5th 2010 4:46AM]

Is Blockbuster in the UK a separate company? I wonder how they'll fare here? Got a large store down the road from me and haven't been in for years. I think the online offerings here in the UK are good enough for me. Very rare that I can't find a new movie I want to rent either on Xbox or Sky. I just have no reason to go anymore. They should have moved with the times and set up an online rental store like Lovefilm.

[NinjaTaco Posted Jul 5th 2010 8:35AM]

I gave up on Netflix because they couldn't send me an uncracked Blu-ray to save their lives. Honestly, I've been happy with Blockbuster. It'd be a shame to see them go -- since I'd be stuck sending the same movie back to Netflix three times before I can get a watchable copy.

[gamer555 Posted Jul 5th 2010 4:13PM]

Have Americans gotten that lazy that they cant get up off there @sses and go to the video store.

[SCB Posted Jul 5th 2010 4:47PM]

@gamer555

There is no need to get up when we don't have to!!

You should have used the word, "their".

GO, AMERICA!!!

[Zombo Posted Jul 5th 2010 8:04PM]

I miss the small video store (JMD Video) in my town that rented out movies on Friday that weren't being released elsewhere until the following Tuesday . They also had two movies for the price of one on Thursday , older releases 3 for 3 dollars for 3 day rental , new movies reserved a day in advance of release and return after 2 days rental on new movies by closing time the second day . They closed 3 and a half years ago - the local Blockbusturd store is still open , but I can't even remember the last time I went in there . Netflix , the county library , HBO , and online video streaming take care of all of my movie needs these days !

[leefox Posted Jul 6th 2010 10:32AM]

49n more video SUPERSTORE!!!!

[cojax99 Posted Jul 22nd 2010 5:02AM]

FIRST THINGS FIRST!!! OUR COMPUTER SYSTEM IS RUNNING ON DOS!! thats right i said “DOS” not windoes

Hi I am a Blockbuster employee and I have been with them for a while now and I am working in Canada so we are feeling the pinch HARD!! cutting hours from 25-30 a week to 14 it was a low blow and for ALLLLLLL THE MONEY BLOCKBUSTER SPENT TO HELP KEEP THE COMPANY AFLOAT THEY PUT ON THIS——>
http://www.graffretail.com/
CHECK THAT WEBSITE OUT!!! this is what I have to watch once a week with 12 different episodes! and 10 do’s and don’ts of selling!!! and on top of that!! that stupid Kevin Graff guy’s one minute thing he’s got THATS JUST DUMB!!! is actually so ridiculous! MOST OF THOSE SALES TECHNIQUES ARE NOT USED IN A FRIGGEN VIDEO STORE!!! i am sorry for the caps but seriously Blockbuster you failed at being a successful company by trying to make all your employees sales people and not by making a successful plan…You just spent alot of money you didnt have on those stupid videos trying to teach everyone to be the best sales people…ITS BLOCKBUSTER no need to be calling your employees sales people because were not selling anything really..Selling movies is not a hard thing to do we dont need 100 steps to be working at blockbuster. Also by not upgrading the System you have that still runs on DOS

Say Hello to On-Demand and Netflix
Are-K
Blockbuster Employee