Blockbuster has had a rough few years, but this one has been especially painful.
First, its shares were delisted from the New York Stock Exchange. And now, as expected, it has filed for Chapter 11 bankruptcy reorganization as it struggles to compete with online video-rental service Netflix and the rental-kiosk phenomena.
Calling it "prearranged recapitalization," Blockbuster announced today that it has filed Chapter 11 petitions in the U.S. Bankruptcy Court. The reorganization encompasses only the company's U.S.-based operations and stores that it wholly owns. International operations and franchises are not included in the filing, … Read more