It looks like bankrupt Blockbuster will be able to keep the lights on and pay its employees for a little while longer, thanks to court approval it received today for a 5 million loan.
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The money will also allow BB to pay claims to studios in order to keep its inventory current.
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U.S. Bankruptcy Judge Burton Lifland authorized the financing, which gives embattled BB a bit of breathing room as it struggles to get its house in order and replace CEO Jim Keyes.
Stopgap measures are all well and good, but it’s going to take some serious time and effort to get Blockbuster out of the hole its been digging itself into for years. Will consumers ever return to the company that stung them so often with late fees and dismal customer service?
(via Reuters)
Maybe its just me but the answer to this one seems pretty obvious; NO.
i need a $125 million loan. any takers? I’ll pay u back.
yea sure, i will! what’s your back and routing number? ;-)
I will forever be amazed at how public companies can get loans and bailouts. I mean this is not capitalism at all.
Let’s see Icahn unlock some hidden value from THIS investment…
Coinstar reported numbers tonight. It was an excellent quarter. They provided guidance for 2011 of between $175 to $200 million in free cash flow. This means management expects the businesses to provide up to $200 million in cash after all expenses and capital expenditures next year. For those of you (I can think of at least one) in the coinstar/redbox ‘doesn’t make any money’ camp there is yet another nail in your coffin.
anyone???…i mean it…i’ll pay u back. promise.
Oh for God’s sake. GIVE UP BLOCKBUSTER!!!!
If Blockbuster can seriously learn from this, they can become a badass like they once were. They have the branding, they just need to put in some substance i.e. streaming content and they can compete for my dollar once again!
What is wrong with most of you? Our whole market is based on competition. Why would anyone want to see a business fail? That just means people out of work. We need as many providers as the market will allow. If Blockbuster fails so be it. We are all responsible for how we manage our business and our lives. The people that got ripped off by Blockbuster and other brick and mortar stores knew what they were getting into. I want to see more movie providers not less. If Netfilix or Redbox were the only game in town they would exploit their customers also. That is capitalism.
Watch Walmart. When they put every other store our of business they will raise thier prices.
I cannot believe that BB is getting bailed out again. Where were these helping hands when all the Indies went under after twenty plus years of great customer service & the best prices they could afford. (they never got the pricing deals that BB & WM got from the studios) How about all of those jobs that were lost.
The studios just wrote off the hard working Indies who kept their execs pockets fat after years and years of paying $70+ for each movie. (Imagine how many rentals you needed just to break even) The studios didn’t worry about rentals hurting their sales then.
They have conveniently short memories when it comes to who made “video rental” a household name. It wasn’t BB or Wallyworld. It was those long-gone Independant Family-owned video stores that I miss so much.