In a move that has surprised approximately no one, Blockbuster has filed a request to extend its deadline for filing its post-bankruptcy reorganization plan yet again, this time to the middle of March. BB is requesting the additional time due to “the size of the company and the complexity of issues in reorganization.”
According to the filing:
“At the current time, in view of, among other things, the dynamics of the market, the importance of the Christmas season results to the finalization of the business plan and to the decision-making process with respect to store closings, a consensus has not yet been achieved with respect to the debtors’ business plan and the optimum strategic plan and footprint for the reorganized enterprise . . . As a result, despite the current milestones, which have been extended since the commencement date, it is still premature to file a plan and accordingly, the debtors require an extension of their exclusive periods to file a chapter 11 plan.”
The longer Blockbuster delays its reorganization and emergence from bankruptcy, the more it increases the odds that even fewer consumers will notice or care. This is a dangerous game for BB to be playing—do you think that the long-delayed Blockbuster 2.0 will fare any better than its first incarnation?
(via Home Media Magazine)