Just wanted to make a quick post in follow-up to the one on Wednesday. As of Thursday morning Blockbuster officially filed for chapter 11 bankruptcy protection, looking to wipe out $900 million in debt and find a way out of the hole they ave been digging for themselves for many years.
In the announcement, Blockbuster said that, for now, all of their 3000 stores would remain open. It is believed, however, that this will not be possible and many more stores will close, as previously reported. This will likely come at the hand of Carl Icahn, renowned investor, who owns about 1/3 of all of Blockbuster’s senior debt, which he recently purchased in order to get a controlling interest in the company. Can Icahn stage a major a turnaround for the company, or is chapter 11 really the end of this story?
Over the coming days, Shane and I will each put down our thoughts on what we think the Blockbuster’s future might look like. No matter what, it looks to be an interesting story, with at least 1 chapter left in it. I look forward to reading this one all the way to the end.
What about you? Any additional thoughts on what the future holds for Blockbuster?