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Get out your “Blockbuster should pay a late fee” jokes, Insiders, because the bankrupt behemoth just got another extension on its deadline to file a reorganization plan. BB had previously negotiated an extension to December 15, and has now changed the terms of its bankruptcy operating loan to give itself until January 14 to file.

According to a regulatory filing, BB will have until February 11 to obtain final court approval of the reorg plan.

Repeatedly pushing back its post-bankruptcy plan filing has got to be making more than a few people nervous, both inside and outside the company. Should we give Blockbuster the benefit of the doubt and assume that its reorganization plan is so comprehensive and effective that it requires extra time for polishing?

(via Bloomberg)

7 Responses to “Blockbuster Pushes Back Reorganization Plan Due Date Again”

  1. Visitor [Join Now]
    tinybrat [visitor]

    My guess is that they can’t get a plan put together which will be suitable to the court and to its investors. They haven’t gotten a plan in place in the last decade obviously, why would they be able to put one together in a matter of months?

    Here is my plan which they are free to borrow:
    1> Shut down 1000 locations immediately.
    2> Any remaining locations need to be moved to smaller, lower rent units. They don’t need the amount of space their stores take up. Cut the clutter. Focus on new release movies and games and titles less than a year old.
    3> Since operating costs will be lower from lower rents and less stores open, lower prices to be in-line with redbox.
    4> Lower the cost of dvd-by-mail to take the dvd-by-mail program away from netflix.
    5> Partner with amazon or walmart to offer streaming. Set up a monthly plan where a customer can get unlimited streaming, and something like 2 or 4 in store rentals for $10/month.

    If all else fails, close the doors for good.

    • Visitor [Join Now]
      Vernon Dent [visitor]


      Apparently you put some time into your recommendations, but its like beating a ‘dead horse’,

      1, 2, 3 and 5. Closing B&M locations is not all that easy. BB has already shuttered as many stores as possible. Secondly, moving to smaller, less costly locations likewise is difficult because that is where the customers ain’t! There is no way BB or any traditional retail form-factor could compete with a kiosk on a cost basis. Best course of action would be to give up the ghost with its B&M business, close ’em all or try to sell said assets to anyone stupid enough to buy–even on the cheap.

      4. Worthwhile suggestion. This should be BB’s *future* focus along with its BBExpress venture with NCR.

      5. Its doubtful that Amazon nor Walmart would risk diluting their brands’ value by associating with BB–whose brand equity by now is almost less than worthless.

  2. Member [Join Now]

    For Freebie Friday Blu Ray Giveaway …….

    It is a toss up between Fantasia ….. and then I am a professional nanny so any “nanny” movie would be fun to do as a movie night for all my nanny friends …. Like Nanny Diaries or Nanny McPhee……. IF the old classic Mary Poppins is available in Blu Ray then I definitely would get that !!

    I would pay $1.50 to rent a Blu Ray as it is superb and makes the quality and experience unforgetable !!!

    Thanks for all the Updates and Freebies !!!!

    Beth B ( Ohio )

  3. Visitor [Join Now]
    James [visitor]

    3 rentals at Redbox for $1 via Groupon — 1 day left!

    I got this via email, and am not sure if this address will work for you, because it varies by area, but I hope so! They’ve sold 2,000 of them while I’ve been trying to get this posted, but hoping it works:

  4. Visitor [Join Now]
    James [visitor]

    8 hours left on the 3-for-1 sale via Groupon, with 40,000 more sold since my last comment. Over 200,000 of them sold now.

    Groupon usually does local coupons, so this is an interesting campaign on a national level. Groupon takes 25% of the proceeds, I believe. Yet Redbox has still made over $150k from this promotion alone. Groupon sends out 3 checks — one-third sent one week later, then a month later, then 60 days later. A friend of mine offered a 50% off coupon for her Asian fusion/sushi restaurant, and had over $40k of sales in the one-day promotion.