Bankruptcy possibility for Blockbuster

Movie rental chain Blockbuster Inc., which has more than 20 Dayton-area stores, said in a U.S. Securities and Exchange Commission filing it may have to file for Chapter 11 bankruptcy protection if unable to generate enough cash flow to meet or restructure its debt commitments.

In the filing, the Dallas-based movie rental chain attributed its weakened operations and cash flow to increasing competition. The company indicated that its cash flow situation has “threatened the company’s ability to continue as a going concern.”

For the year ending Jan. 3, 2010, Blockbuster (NYSE: BBI) reported a net loss from operations and a stockholders’ deficit.

Read Full Article from Bizjournals.com

- Posted: 2010-03-17 11:09:09

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