The fall of the house of BB
Another day, another grim bit of news from the former king of video rental. Blockbuster’s Chief Financial Officer Thomas Casey has left the company, according to a BB regulatory filing.
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Casey was “pushed out” at least in part because of his inability to come to an agreement with BB’s bondholders, says an anonymous studio source.
Wedbush Morgan analyst Edward Woo summed up Casey’s resignation/dismissal thusly:
“It’s obviously not a good sign that in this very difficult and challenging financial times for Blockbuster to lose your CFO . . . This just adds more uncertainty to a very [serious] situation.”
Is this yet another harbinger of BB’s all-but-certain upcoming BK, Insiders? Could CEO Jim Keyes be far behind his departed colleague?
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(via Home Media Magazine)
I finally canceled my Blockbuster by Mail account yesterday. I had originally opened the account because I could return to the store for a faster turnaround. But with all the stores closed in my area, and them taking 2-3 days to send out a movie after receiving mine, the mindless customer service, who couldn’t even give me one reason to keep my account, was the final straw. I am now setting up a new queue at Netflix.
When the head honcho of finance says “I’m outta here,” it is evident that Blockbuster stands no chance whatsoever. Chairman/CEO Jim Keyes, you’re next…
i wonder what his “golden parachute” was? perhaps a rent one get one free code
The company’s stock is so worthless that apparently he had to negotiate his way into a $100,000 severance package plus $7,000 for moving expenses and will also receive compensation for unused vacation. Sad, sad, very sad.
Is that true? If so, it is indeed very sad!
Happy to see this, I am happy to find this well Blog