Feeds

Blockbuster winds itself into Chapter 11

So I can keep that tape of Nine and a Half Weeks?

Top 5 reasons to deploy VMware with Tegile

Ageing slackers everywhere will be crying into their caramel popcorn today at the news that Blockbuster has slipped into Chapter 11 before forgetting what they were doing and walking over to the fridge for some cold pizza.

The video rental chain, which was an essential part of early 1990s sofa culture, finally flaked out under the weight of almost $900m of debt. Even for a chain that has 7000 outlets worldwide, that's an awful lot of late fees.

The Chapter 11 filing is part of a refinancing deal, that has seen it reach agreement with bondholders of around 80.1 per cent of senior noteholders. The deal will see its debt shrink from nearly $1bn to a hopefully more manageable $100m, giving it space to continue the transformation of its business model.

In the meantime, the firm said its US operations will stay open and continue to serve customers. So sympathetic customers might want to dig out that old overdue Molly Ringwald video that's been lurking behind the sofa since 1991 and pop it in the drop box.

International operations are also unaffected, except for Argentina.

Chairman and CEO Jim Keyes, said: "The recapitalized Blockbuster will move forward better able to leverage its strong strategic position, including a well-established brand name, an exceptional library of more than 125,000 titles, and our position as the only operator that provides access across multiple delivery channels – stores, kiosks, by-mail and digital. This variety of delivery channels provides unrivaled convenience, service, and value for our customers."

While the Blockbuster brand is undoubtedly iconic, to younger consumers it probably seems like a slightly dusty place where your older brother, or even your parents, used to rent cut down analogue copies of films, buy really big bags of Doritos. And bitch about those damn late fees. ®

Beginner's guide to SSL certificates

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.