Blockbuster Bankrupt

According to the L.A. Times, Blockbuster has lost over 1.1 billion dollars since 2008 and is finally going bankrupt.  They have already closed almost a 1,000 stores in the last year and will close another 500 of their weaker outlets.  The plan is to move further into the Redbox and Netflix game to stay competitive, something the major studios support.  Right now Blockbuster is the only place where you can watch most brand new releases, since Netflix has a 28 day holding period on most new films as per their contract with big film distributors like Warner Bros.  If Blockbuster goes under then it’s open season.

One of the other big rental chains, Hollywood Video, recently went under and Blockbuster has failed to properly maneuver itself to stave off bankruptcy.  I just moved to Iowa City and the ONLY video rental store is a lonely Blockbuster.  So enjoy your video stores while you have them folks.

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