Blockbuster U.S. Officially File for Chapter 11 Bankruptcy

It is no secret that digital movie rentals have put a lot of pressure on movie and game rental giants such as Blockbuster, we are now hearing that Blockbuster U.S. has filed for Chapter 11 bankruptcy.

This news isn’t too bad for consumers as all stores will remain open, however one tipster suggests that up to 1,000 stores could potentially close down if things do not improve.

You can find out full information regarding chapter 11 bankruptcy here, to summarize it seems as if this form of bankruptcy is the most flexible and allows businesses to restructure their debt.

In the long run Blockbuster are trying to reduce their debt from $1 billion to $100 million, they will be working on a new business model, however they plan to continue their current customer reward programs.

If you would like to find out full information and see the official press release check out the source link below.

What do you think Blockbuster U.S. need to do to get back on track?

Source: Engadget

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Written by Jamie Pert

Jamie has a background in computer repairs and maintenance along with network administration, he now enjoys utilizing the benefits of new technologies and enjoys writing about anything that brings new technology to the world.

He began writing for Product Reviews in mid 2009 and has since expanded his knowledge across a wide-base of devices, he is looking to get more hands-on experience with new devices to gain a better understanding of the latest and greatest technologies.

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