Report: Blockbuster, Which Filed for Bankruptcy in September, Now Preparing to Sell Itself

Feb 11, 2011  •  Post A Comment

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.

One Comment

  1. Line 5: “Slleged”? 🙂

Your Comment

Email (will not be published)