Blockbuster Video Regrettably Files for Chapter 11

By: Kamal Musharbash - Published: Sep 24, 2010 • References: cbc and hosted.ap.org
Blockbuster Video's recent Chapter 11 filing has triggered disbelief among many that such an infamous video rental corporation would go under. The rental giant was removed from the New York Stock Exchange due to declining sales and uncertain trade aspects, in the face of online rental competition such as Netflix and iTunes.

Blockbuster Video had closed several hundred stores in the United States, but will keep many stores open until the bankruptcy protection program goes into effect. The corporation is hoping to reduce debt from $1 billion to $100 million with its new action plan.