The seemingly interminable drama that is the downfall of Blockbuster received a strange new twist today, when it was revealed that a United States Trustee filed a motion stating that BB should liquidate under Chapter 7 bankruptcy.
The motion, which was filed yesterday with a New York bankruptcy court, says that Blockbuster’s planned auction process will end up benefitting the company very little. BB’s senior lenders, the filing alleges, will be the only beneficiaries of the auction.
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According to the filing:
“Based on the monthly operating reports and other information, it appears unlikely that there will be any balance to be paid to [Blockbuster following a sale],”
Is a Chapter 7 liquidation in the near future for defunct BB? Visit the comments and tell us what you think.
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(via Home Media Magazine)
It’s really nothing that people here haven’t been saying all along. Blockbuster has been hanging on for no reason other than sometimes it’s painful to do the right thing.
And to all the butt hurt blockbuster employees who vote down anything positive said about Netflix and Redbox, I TOLD YOU SO.
Everyone can see that closing the stores and liquidating product is the best thing Blockbuster can do, except for Blockbuster themselves. If their management had any intelligence at all, they would immediately begin this process and focus on streaming and by mail service.
If I were an employee at a BB store, I would start looking for a new job now, because BB is not going to exist in 6 months.
Honestly at this point I think they need to abandon all of it and liquidate their streaming interface as well. Sell the rights to the name to NCR instead of just leasing it (BBE doesn’t profit BB if I recall) and sell the rights to their streaming service or sell customers to Amazon. BB is dead and there’s really nothing to hold on to. That, and the execs in charge now need to spend time in prison rather than be given the keys to any new venture.
Why is it that CEOs need to go to jail every time a large corporation does anything??? A company fails – send them to prison. A company turns a profit – send them to prison. I’m getting sick and tired of the twisted mindset that has been indoctrinated in our society. Profits and losses are a perfectly normal part of any capitalist system. It’s time we start embracing these principles in America before we lose what little we have left.
I don’t toss that term out lightly. I know many people do and the world is becoming overly litigious. Usually lawsuits only make the lawyers rich. With that in mind my suggestion about jail time may be a bit extreme, but not totally unwarranted. This isn’t the case of a company failing. Blockbuster “failed” more than 12 months ago. This is a case of corporate bosses dragging their feet so they could continue to earn massive salaries. They manipulated reports and even generated “analysts” to try and convince people they could succeed all the while accumulating massive debt that they will never repay. If an individual did this they would be arrested on any number of charges. Companies fail all the time, and they either liquidate or actually go into bankruptcy and adhere to court ordered guidelines. The fact that a Blockbuster store is still open anywhere shows that they are not acting responsibly towards their debt holder, or even what few stock holders they have left. It’s well past time to sell off assets and pay as much debt as possible.
They will not make it out of Ch. 11.
Another bold prediction. Are you going to say ‘I told you so’ on this obvious prediction?
Give their streaming service to REDBOX and let them show them how to do it.
That would be interesting. If Redbox were about to purchase the infrastructure. They would have to change the content however because Redbox has been adamant about it being a subscription with a small amount of hit content.
Even in the streaming world BB got it wrong with overpriced rentals. Is there anything the company does right?
Sell them the infrastructure at least. BB needs to recoup as much money as possible to repay their debts.
I thought the Obama Administration was trying to SAVE jobs….