Rumors of Blockbuster’s demise are greatly exaggerated, according to its CEO, Jim Keyes.
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The company’s much-discussed recent regulatory filing, which mentions the possibility of bankruptcy for the embattled rental giant, is routine and nothing to worry about, says Keyes. In fact, the CEO says, the filing is very similar to warnings made by the company in a filing last year, when the company found itself in even more dire straits. Said Keyes:
“Blockbuster has so many options available . . . We actually have more options available when compared to last year.”
Some of the options that Keyes referred to include the “process of a business transformation” BB is currently undergoing which closes and de-emphasizes retail locations and focuses on its on-demand and by-mail channels, along with its kiosk business with partner NCR. The company is also mulling the leveraging of its Canadian locations to improve distribution deals with movie studios, as well as the sale of or partnering out of its European assets.
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Is Keyes just doing spin control here, Insiders, or is BB really in a position to avoid insolvency and move forward? Weigh in with your opinion in the comments.
(via Austin Business Journal)
He’s in complete spin control. It even says in the article itself that they want to close and de-emphasize more stores. I say most of the Brick and Mortar stores will close this year and BB will probably survive, albeit for awhile, on just their by-mail store and the NCR kiosks, but for how long those two will stay around, what with them battling RB at the kiosks and Netflix on the mail side of things. We’ll see…
I believe Blockbuster doesn’t even own the NCR kiosks and that they just license out the usage of their name.
The biggest advantage BlockBuster has over Netflix and Redbox is BB doesn’t have their 28-day delay. Because BB hasn’t experienced a jump in subscribership yet, I suspect most Netflix and Redbox customers don’t know this yet. As soon as these customers realize there is a new delay, they should begin switching to BB. I personally would never tolerate such a delay. I want my movies ASAP. BB just needs to hold out until these customers begin moving over to them.
That 28-day advantage will do little to nothing for Blockbuster once the movies become available to its competition when the revenue will be made up for instantly. Patience is a virtue, I’ll admit, but I think I can safely say that many people would rather wait than set foot in a Blockbuster or deal with its careless and clueless employees ever again. That is why Blockbuster is dead: poor customer service and a lousy store experience have chased the customers away. There’s no point in wasting your money or time with Blockbuster. Period.