Blockbuster Files for Bankruptcy After Online Rivals Gain

By no means does this mean that Blockbuster is no more, but it’s big news nonetheless when a corporation as large as Blockbuster announces this type of news. Hopefully they will evolve their business model and provide a better service which will save their business.

The company listed assets of $1.02 billion against debt of $1.46 billion on a Chapter 11 petition filed today in U.S. Bankruptcy Court in New York. The company said it reached a deal with a group of bondholders on a plan of reorganization and secured a $125 million loan to finance operations.