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Blockbuster to file for bankruptcy

Next week
Blockbuster hasn’t been having the best of times as of late and we now hear that the company is set to file for bankruptcy next week.

Blockbuster has allegedly met with Hollywood’s big movie studios in order to discuss the move. The company expects to restructure $1 million in debt.

The company closed about 1000 stores last year and it looks like 500-800 more will be closing this year. The company hopes that bankruptcy filing will allow them to expand into new markets, but first things first.

More here.

Last modified on 27 August 2010
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