Blockbuster bankrupt

I recall years ago the CEO of Blockbuster (at the time driving local video stores out of business) mocking an upstart called … Netflix.

Just like Borders, Blockbuster could not adapt to a rapidly changing marketplace.

… Bloomberg News is reporting that the video chain will be making the filing official on Thursday morning. …

Billionaire investor Carl Icahn, who bought about one-third of Blockbuster’s bonds, will join with a group of creditors in swapping their debt for all of the video-rental company’s stock, …

If creditors get all of Blockbuster’s stock, current shareholders will be wiped out. …

Consumerist

If you have an unused Blockbuster gift card sitting around, use it now.

Which will be the next dinosaur to declare bankruptcy?

One of the big four music labels (I wish), perhaps Sony Music. Amazon will be happy to eat their lunch.

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