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There’s so much bad news associated with Blockbuster these days that would be nice to post a story once in a while that paints a hopeful picture for the video chain. Today is not that day, however, as a new regulatory filing from BB has raised fresh bankruptcy concerns about the embattled company.
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From the filing:

“It is possible that a successful and efficient implementation of an exchange or any of the other strategies we are pursuing will require us to make a pre-packaged, pre- arranged or other type of filing for protection under Chapter 11,”

Blockbuster CEO Jim Keyes downplayed the statement in the filing, saying that the language was mandated by the company’s legal counsel. Keyes says that his company has been in talks with one or more Hollywood studios to reduce the rates that BB pays for product, possibly by implementing a consignment arrangement.
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Said Keyes:

“The studios want us to survive,”

Blockbuster also revealed in the finding that it may pledge its 459 Canadian stores as collateral for the amounts it owes to studios.

Keyes is likely correct when he says that Hollywood wants Blockbuster to survive. The important question, Insiders, is this: do you?

(via Business Week)

30 Responses to “Blockbuster Filing Hints at Possible Bankruptcy”

  1. Visitor [Join Now]
    The [visitor]

    And now you know why the studios were so involved in propping up BB any way they could and why they don’t want Redbox to succeed.

    If BB goes, the studios will lose millions.

    Conspiracy? No way right?

  2. Member [Join Now]

    Customers gave them a vote of no confidence when they raised their prices to $5 per night. Also the studios LOVE Blockbuster…i’d hate to see the rich and powerful studios suffer from the fall of BB. They better back up a truckload of Puffs to every Hollywood studio WHEN-not IF-it happens.

  3. Visitor [Join Now]
    Aiden [visitor]

    Isn’t Blockbuster failing a bad thing for everyone, regardless of whether you work in the industry? All of the Blockbuster employees, from the store level to corporate, will lose their jobs. That doesn’t include the warehouse people, the outsourced people who prepare art, signage, and of course the reps who call on the account, from popcorn and candy to fixtures to yes, DVD. Unemployment in our country hurts us all, and I don’t understand the absolute glee many people exhibit when talking about the demise of the chain. Sending tissue to the studios when Blockbuster goes under? Seriously? What about all of the people making $25k/year managing stores? You happy about that? I don’t care if you work for redbox–which seems to be doing fine with Blockbuster operating, anyway–any major company going under hurts us all. I don’t believe that Blockbuster can survive as a national chain. Their current business model is unsustainable, they are way behind the ball in every sense of the saying, and I really can’t see a way that they can rebound from their current state, especially given the weak economy. However, I certainly don’t believe that their demise is, in any way, something we should celebrate. (And no, I do not work for Blockbuster).

    • Member [Join Now]
      ChadCronin [chadcronin]

      While I sympathize with people losing their jobs, it’s always hard to find pity for a company that worked so hard decades ago to put so many other rental places out of business.

  4. Member [Join Now]
    MovieWatcherSupreme [moviewatchersupreme]

    Well it isn’t like we didn’t see this coming. Personally I could care less about them going bankrupt, but I know Hollywood feels the polar opposite.
    Which has more influence, the producer – or the consumer. Stay tuned to find out, right?

  5. Visitor [Join Now]
    Richard [visitor]

    Blockbuster is good for RedBox customers. Without BB, RedBox would be the $5/rental place. If BB goes away, RedBox would surely move away from $1/night rentals; there is no competition (BB) to worry about then.

    For $1/night rentals at RedBox to continue, BB needs to survive.

    • Visitor [Join Now]
      John Small [visitor]

      This is one of the smartest posts I’ve seen on this site.

      It really is the end game that Redbox is hoping for.

    • Visitor [Join Now]
      rb [visitor]

      Agree that BB/Express is good for Redbox customers because competition is always good to keep prices low for the customer. Also agree that BB needs this bankruptcy for a fresh start–especially to help the BBExpress kiosks take hold and become successful. As mentioned before, I think both Redbox and BBExpress kiosks can be successful in their own right. Never understood why some didn’t want Redbox to succeed, and don’t understand why anyone now wish BB not to succeed–especially since introducing the BBExpress which is comparable in price to Redbox. The BB brick and mortars stores failed because of the ridiculous rental price for more days than most care to keep a dvd. However, with BBExpress having a low rental price with perhaps a different selection of dvds than Redbox, I wish both Redbox and BBExpress well. I’d think any budget-minded movie lover would :-)

    • Visitor [Join Now]
      Firstlawofnature [visitor]

      There’s too much competition for Redbox to raise prices by a significant amount. Perhaps they will eventually raise prices by $.25 or $.50 but their franchise is built upon low prices. No way they could raise prices by a buck or more in a BBI liquidation. Credit Redbox and Netflix with giving consumers the low priced options that made BBI so uncompetitive.

    • Member [Join Now]
      ChadCronin [chadcronin]

      I highly doubt Redbox is out to get us in the end. They know we expect a fair price and if they stop offering the lower pricing then they will lose people. There is always gonna be competition so I’m not worried about Blockbusters problems. I’m just more excited to see how close Kiosks will get to where I live.

  6. Visitor [Join Now]
    tinybrat [visitor]

    Here is my surprised look – well, if you could see me, you could really see the surprised look on my face! Who would have thought that you can succeed being a bullish company, refusing to change your ways. Bye bye Blockbuster.

    As for Richard’s comments about $5 redbox, I seriously doubt it. Nobody will stand for that. There are still plenty of other smaller competitors out there that redbox has to beat price-wise in order to stay competitive. Blockbuster is just one in the long line of competitors.

  7. Visitor [Join Now]
    John Small [visitor]

    BB needs this bankruptcy to shed the debt that makes it unprofitable.

    They will come out a much stronger company (although much smaller).

  8. Visitor [Join Now]
    Carson [visitor]

    Haha, I was just in a blockbuster a few months ago (not giving them money of course) and the clerk was talking about how Redbox was about to go out of business…. I should go see if that BB store is still open…
    By the way, i’ve been taking full advantage of BB Express’s free codes, their machines are a lot slower and the movie cases are a pain, but its free!

    Free Rental with code GL9RA – Valid thru 3/31/2010
    Free Rental with code GY131 – Valid thru 3/31/2010
    Free Rental with code CALENDAR – Valid thru 3/31/2010
    Free Rental with code OUFXMV – Valid thru 4/17/2010
    Free Rental with code 6HHQLC – Valid thru 4/17/2010
    Free Rental with code ETKGH7 – Valid thru 4/17/2010
    Free Rental with code ICA33W – Valid thru 4/23/2010
    Free Rental with code VGG8U2 – Valid thru 4/23/2010

    • Visitor [Join Now]
      rb [visitor]

      Don’t have a BBExpress yet; suppose to get a local one next month, but nice job with the codes. It would be helpful if you list the BBExpress codes under the Community section of this site, maybe with a title of BLOCKBUSTER EXPRESS CODES. That way bloggers would know where to look for the BBExpress codes on this site and/or other bloggers could add to the codes if they come across new or additional BBExpress codes :-)

      • Member [Join Now]

        “Not giving them money, of course.” lol

        there’s a website similar to this one called and they list the codes. i just found out about it a couple of weeks ago. it’s not as good as this site, though!

        • Visitor [Join Now]
          rb [visitor]

          Yeah…I know about insidebbexpress site BUT I like one-stop shopping instead of surfing the web for info.! Since Michael has in the ‘Community’ forum section that you can share codes/info there for movie rental places/kiosks OTHER THAN just Redbox, I figured that would be a good place to start putting codes on this site for BBExpress since BBExpress is starting to pop up in areas and people who frequent this site will also probably be trying out BBExpress and appreciate the info on codes…..and Carson did such a nice job listing all those codes it’s a shame for them to just disappear before the codes expire when other future posts start to take over….

    • Visitor [Join Now]
      Firstlawofnature [visitor]

      How are the BB express units slower? What is worse about the cases?

      • Visitor [Join Now]
        Carson [visitor]

        The machine is slower than redbox’s kiosks, it takes like twice as long per disc, so when you are returning 3 discs, it takes forever… Once the disk goes into Redbox, you get the confirmation that it was returned successfully almost right away, at BBX you have to wait about 30 seconds to get confirmation, but it does tell you your total charge which is nice (which is always zero for me!!)
        Their heavy black movie cases are so hard to get the movie out, unless I am doing it wrong. But I’ve been sliding it out enough to grab hold of the edge with my fingers and pull as hard as I can (true, I don’t work out, but still…) I think in some cases it is ruining the movie. I’ve talked to others that have also used them, and they say the same thing, so I know I’m not the only one….
        But hey, free is free!!!! And I’m not complaining, just answering your question.

      • Visitor [Join Now]
        Firstlawofnature [visitor]

        I tried bbex for the first time last night. Agree about speed and DVD case. I just slid the disc out via the hole. Clearly could have been designed better. The bbex machine was a ghost town on a friday night. No line was good for me but the unit is in a low traffic store so I imagine the unit is a money loser for NCR.

    • Member [Join Now]

      BB express gets titles faaster than redbox.
      each code listed above works per credit card.
      thus movies at bbexpress are virtually free!
      i have seen almost everything they have in the 3 boxes they have in the dc area.

      redbox will have serious problems when bb express is everywhere.

      blockbuster stores are history. $5 a disk rental was insane. people realize that now. i stopped renting from them in 1999. i have seen 4000 movies since then and i have paid them and netflix nothing since then.
      go figure it out.

      redbox has gotten $30 since inception from me. this was in the 1st year.

      today movies are virtually free .. almost everywhere.

      i dont want bb to go bankrupt and close my store 1 mile away.
      i want them to lower costs to $1 rental and offer blu-rays.
      i will pay for movies but they have to make them resonably priced and have the best quality.


  9. Member [Join Now]

    Aiden, anyone losing their job is an absolute travesty. I wasn’t making light of that, but making light of the studios who made these sweetheart revenue-sharing deals with Bloatbuster.
    Firstlawofnature, the BB Express machines are the exact same machines that used to be known as “The New Release”(We had them in our Kroger stores until about a year ago), just with the front changed…the cases that TNR used were thick black slip cases that were kinda a pain to get the DVDs in and out of, and I was always afraid I would scratch the DVD in the process. I’m guessing that they used similar cases for the BBE machines…however, we don’t have one in our area yet. RB has 10-15 locations just here in my town alone, so BBE would have a tough time fighting seeing we have so many RB locations.

  10. Visitor [Join Now]
    Movie King [visitor]

    I use Red Box, but have a mail account for BB that works great for me. For $20/month I get anywhere from 18 (minimum) to *26 DVD’s a month. Either a buck each, or as low as $0.77 each.

    (* Regular agreement is 5 in-store exchanges; present agreement has offered a limitless in-store agreement).

    So between RB & BB it’s piggy heaven – the only downside is that once you’ve caught up on all your favorites, there really aren’t 2-dozen new movies a month worth viewing. Still, the cost can’t be beaten if BB continues…

  11. Visitor [Join Now]
    luvbaja [visitor]

    I have a BBE & RB on each side of me, about equal distance. The Blindside come’s out today, RB does not have it yet, BBE does, and I think it’s because it’s a WB film, and have to wait 30 days. I will use them both about equally. The brick & mortar stores will be gone in 2 years, sorry about the jobs, but it’s gonna happen.

  12. Visitor [Join Now]
    Nomo Blockbuster [visitor]

    Blockbuster needs customers to survive, but a majority of customers do not want Blockbuster to survive. So quit prolonging the inevitable, Blockbuster…