Blockbuster, the video-rental chain that filed for bankruptcy last September, is now getting ready to sell itself, reports the New York Post.
The company would be sold in a court-administered auction and could attract bids of more than $300 million, the Post says it was told by sources.
The piece calls the slleged decision "Blockbuster’s latest desperate move" following a failure of its creditors to agree on a plan to help the company exit Chapter 11.
One issue is cash, which Blockbuster is low on, because of a disappointing holiday season and which it needs to fuel strategies to fight Netflix and Redbox, the article notes.
The auction could be approved by a bankruptcy judge as early as next week, the story claims.