Feeds

Blockbuster winds itself into Chapter 11

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

Eight steps to building an HP BladeSystem

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. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.