Ready your wallets: Bankrupt Blockbuster puts itself up for sale - Polidicks

[url=http://money.cnn.com/2011/02/21/news/companies/blockbuster/index.htm]Source[/url] [release]NEW YORK (CNNMoney) -- Bankrupt home video chain Blockbuster put itself up for sale Monday, saying it has received an offer of $290 million dollars for the business. Blockbuster said it filed a motion in U.S. Bankruptcy Court in New York that asks for authorization to start an auction process, for which it already has an opening bid. The $290 million initial offer was made by an investor group consisting of Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners, all of which are creditors of the once mighty chain. The movie rental store's U.S. businesses [url=http://money.cnn.com/2010/09/23/news/companies/blockbuster_bankruptcy/index.htm?iid=EL][b]filed for Chapter 11 protection in September[/b][/url], hoping to sharply reduce their nearly $1 billion debt. "By initiating a sale process at this time, we intend to accelerate our Chapter 11 proceedings and move the company forward," CEO Jim Keyes said in a statement. "An auction will allow the company to invite competing bids from both strategic and financial investors." If the auction proposal is accepted by the court, additional offers will be accepted for 30 days, and a final sale would take place before April 20. Normal store operations will continue during the sale, the company said. Blockbuster has struggled for survival ever since media conglomerate Viacom spun off the company in 2004. As a part of the deal, the company had to pay Viacom shareholders a $5 per-share dividend, and the movie rental giant racked up about $1 billion of debt in the process. The company also suffered losses from unprofitable stores and increased competition from both Netflix ([url=http://money.cnn.com/quote/quote.html?symb=NFLX&source=story_quote_link][b]NFLX[/b][/url]) and Coinstar's ([url=http://money.cnn.com/quote/quote.html?symb=CSTR&source=story_quote_link][b]CSTR[/b][/url]) Redbox.[/release] I'll start the bidding: :10bux: [editline]22nd February 2011[/editline] In a more serious note, they already received an offer... I wonder what value could possibly have Blockbuster

Those businesses are a dieing breed, with instant film downloads and streams etc.

The DVDs they lone are normally cheep enough to buy instead of rent. But hopefully they have a closing down sale, there's a lot of films I need to see.

I bid 10 dollars and one cent.

35p and a jar of urine.

God damn redbox taken over my town. Hollywood video is now a autozone, and now their taking blockbuster!

I bid one of the movies I bought from them. That's good for, what, 20 bucks? 15? Also, [media]http://www.youtube.com/watch?v=zjgUblUtOR8[/media]

[QUOTE=Mabus;28209789]Those businesses are a dieing breed, with instant film downloads and streams etc.[/QUOTE] Exactly this! And with places like lovefilm, you don't even have to go out and pick up a film. Another sad case of technology killing off a business.

[QUOTE=JamesMay;28210247]Another sad case of technology killing off a business.[/QUOTE] I certainly won't miss them.

Does anybody remember Planet Video? I cried when they went under, and am going to cry if I notice Blockbuster's closing down. It's a part of my childhood that is being taken away by technology. This must be similar to what people born in the 1940s though when they saw the days of full-service fill-up stations come to an end.

I get movies by post.

It's the natural progression of things really; newer and more advanced services and technologies almost always eclipse the old. Nevertheless, I will still miss them.

Netflix demolished them.

Can we pay with Hats ?

[QUOTE=-amin-;28211118]Can we pay with Hats ?[/QUOTE] I bid a primeval worrior. All you guys done. I win.

iT WAS PiRAcY GuYs

How do you fucking go $1 Billion in debt? Well, it explains how, but still.. Jesus.

time to go to blockbuster and rent stuff before the stores close and when they do CHEAP GAMES

Is this going to affect the stores in the UK or are they seperate?

1. Rent everything 2. Ignore late fee letters 3. Blockbuster go bust 4. Congratulations, you just bought a bunch of films and games at rental prices.

This just in, Blockbuster sold for a gumball and a paperclip.

I have never heard of these "instant download rental places". Our movie rental store is still doing strong with no sings of weakening.

i feel bad because i never returned some of the movies i got from there

Wonder why they where closing down :pirate:

Oh good. Blockbuster would always charge ridiculous amounts of money for late fees. Why not just stop people renting out more until they return it instead of charging £2 a day or whatever it is They once said they didn't phone us to remind us we had a late movie because they "didn't want to disturb us on a weekend" Arrghh

Maybe netflix will buy 'em.

Haha I can see DRM being implemented in movies eventually so you have to pay to re-activate pre-owned ones - sad but very very likely. These businesses are dying because of this and streaming services.

hahaha blockbuster nostalgia [editline]22nd February 2011[/editline] [QUOTE=Trumple;28213033]Oh good. Blockbuster would always charge ridiculous amounts of money for late fees. Why not just stop people renting out more until they return it instead of charging £2 a day or whatever it is They once said they didn't phone us to remind us we had a late movie because they "didn't want to disturb us on a weekend" Arrghh[/QUOTE] I guess that's nice but at the same time it's kinda dumb [editline]22nd February 2011[/editline] [QUOTE=Last or First;28210127]I bid one of the movies I bought from them. That's good for, what, 20 bucks? 15? Also, [media]http://www.youtube.com/watch?v=zjgUblUtOR8[/media][/QUOTE] Kind of like Be Kind Rewind

[QUOTE=Last or First;28210127]I bid one of the movies I bought from them. That's good for, what, 20 bucks? 15? Also, [media]http://www.youtube.com/watch?v=zjgUblUtOR8[/media][/QUOTE] ohhh myyyy gooooddddd

On Friday I went to my local Blockbuster to rent MvC3. I have used this one for a long ass time. I know the workers, they know me. I come in, for the guy to say, "You're renting this until monday, you know that?" I asked why. He told me the store was to close Tuesday. The guy then told me, "You know what, keep it." He gave me the game, only asking for 12 bucks, and wished my goodbye. How am I gonna rent games now.