backtop


Print 71 comment(s) - last by callmeroy.. on Apr 30 at 10:41 AM

Blockbuster may have been busted by Netflix

For many years Blockbuster video enjoyed great success in the movie rental business. Blockbuster is one of the largest movie rental chains in the country, but the company has found that its continued existence is far from guaranteed.

Blockbuster has announced that there is "substantial doubt" about its ability to continue as a going concern. A going concern is a qualification that refers to an auditor's assessment of a company's ability to continue operations reports MSNBC.

Blockbuster is struggling with profitability and viability in the face of the rising popularity of mail-order rental services like Netflix the company stated in a SEC disclosure. Blockbuster had previously disclosed that an auditor was likely to raise doubts about its long-term viability.

Blockbuster stated last week that its revolving and term loan agreement had been amended giving the company a $250 million revolving loan for financing maturing on September 30, 2010. The company thinks it will be able to close the financing around May 11, but states that the closing of the loan is not assured at this point.

Blockbuster says that even if the loan is funded it, "may not have sufficient liquidity to finance the ongoing obligations of our business, which raises substantial doubt about our ability to continue as a going concern."

Blockbuster shares fell 3 cents to 85 cents in trading after hours after closing at 88 cents reports MSNBC. In July of 2008 Blockbuster was considering the purchase of now defunct Circuit City.  



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: screw Lackluster Video
By callmeroy on 4/7/2009 2:25:51 PM , Rating: 2
To the OP -- I don't rent much from BB but I do rent some -- if you asked me for an average , probably a movie every 3 months (I normally watch movies in the theater or someone's house - then if I like it i buy it - not rent it)...but in all those years -- I see the same normal versions of the movies that you get if you buy the theatrical release version of the movie on DVD...so I really don't get the censorship thing at all. If you are honestly upset that they don't rent porn - that's just silly, its a family rental business -- there's about 8.2 billion porn video stores across the country you mean to tell me you can't find one near you?

Secondly to "hiscross" -- don't worry, I also consider myself Christian -- though by "strict" Catholic standards I'd be called a very laid back Christian I guess. I do believe and do have faith and I try to understand more about it every day. But I also know how people are very standoffish about religion and look at it like you are the "icky monster" in the room once you mention it...so don't get take it personally when folks ridicule you or what not for voicing your belief.


RE: screw Lackluster Video
By callmeroy on 4/7/2009 2:28:29 PM , Rating: 1
lol interesting observation....it appears key words trigger the auto downgrade -- guess the site really wants to discourage relgious debate....lol (can't say I blame them though)


RE: screw Lackluster Video
By grath on 4/7/2009 3:07:20 PM , Rating: 2
The auto-downgrade happens because it is a reply to a post that was already -1 as a way to discourage feeding the trolls and lengthy pointless arguments, not due to any filter or trigger in the content.


RE: screw Lackluster Video
By walk2k on 4/7/2009 4:01:00 PM , Rating: 2
Actually it's just a handful of cave-trolls with dozens of DT accounts who sit around and downrate messages they don't agree with. It usually backfires though, who doesn't like to read the nice shiny bright RED messages? :) It's like staring at cleavage, you know you shouldn't but you just can't look away.


"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates

Related Articles













botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki