Blockbuster Files For Bankruptcy

Blockbuster Inc. has filed for chapter 11 bankruptcy protection. Blockbuster has been losing money and market share for years as Netflix, Redbox and other services gained popularity. Netflix subscribers have grown from 1 million in 2002 to 15 million in 2010. Trying to stay afloat, Blockbuster ended late fees and started online and kiosk services of its occupy but it was unable to hold its debt in check. Blockbuster plans to keep its 3,000 U.S. stores inaugurate while it evaluates them. Digital and mail businesses will all continue to operate normally. Operations outside the U.S. and domestic and international franchisees are not part of the Chapter 11 reorganization. Blockbuster’s U.S. DVD vending kiosks, owned and operated by NCR Corp., are also not part of the reorganization and will continue to operate normally.

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