The mega movie rental corporation reported shares lost of 92% of value in 2010
By H. Nelson Goodson
September 23, 2010
Dallas, Texas - On Thursday, the mega movie rental Blockbuster, Inc. filed for bankruptcy to protect the corporation from a creditor takeover. It federal filing includes documents, that it will use a $125 million dollar loan to restructure in order to compete with other movie rental outlets in the market.
Blockbuster hasn't officially announced the filing for bankruptcy, but is expected to release a statement once the filing is completed.
Shareholders who bought the corporation from Viacom, of Paramount Pictures in 2000 have incurred a $900 million dollar debt and has not paid interest on the deficit. This year, the shares lost 92 percent of their value, according to the federal filing.
Blockbuster was founded in 1985 and has roughly 47 million daily customers in the U.S. and 16 countries. Blockbuster operated 9,042 stores, of which 7,158 are company operated stores and 1,884 are franchised stores in the U.S. and internationally. The Dallas based corporation employs 4,500 employees, according to Blockbuster.
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By H. Nelson Goodson
September 23, 2010
Dallas, Texas - On Thursday, the mega movie rental Blockbuster, Inc. filed for bankruptcy to protect the corporation from a creditor takeover. It federal filing includes documents, that it will use a $125 million dollar loan to restructure in order to compete with other movie rental outlets in the market.
Blockbuster hasn't officially announced the filing for bankruptcy, but is expected to release a statement once the filing is completed.
Shareholders who bought the corporation from Viacom, of Paramount Pictures in 2000 have incurred a $900 million dollar debt and has not paid interest on the deficit. This year, the shares lost 92 percent of their value, according to the federal filing.
Blockbuster was founded in 1985 and has roughly 47 million daily customers in the U.S. and 16 countries. Blockbuster operated 9,042 stores, of which 7,158 are company operated stores and 1,884 are franchised stores in the U.S. and internationally. The Dallas based corporation employs 4,500 employees, according to Blockbuster.
Connected by MOTOBLUR™ on T-Mobile
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