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Blockbuster Rental Chain Files for Bankruptcy Protection
posted on by Egan Loo
The American video rental store chain Blockbuster filed for bankruptcy protection on Thursday. The chain filed for Chapter 11 protection, which would allow it to stay in business while it pays back a restructured form of its debt. It had US$900 million in debt before the filing, but it plans to reduce its debt to US$100 million by the time it leaves bankruptcy early next year.
The Wall Street Journal newspaper reports that the chain plans to close 500 to 800 more stores. It already closed over 1,000 stores to reach its current total of 3,306.
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