BlockBuster: Bankruptcy in September

Goodbye, store of my misspent youth.

Aug 27 2010, 9:00am CDT | by Robert Evans

A piece of my childhood will die next month. The LA Times reports that executives from Blockbuster and six of their chief debt-holders have been meeting with major Hollywood studios this week in order to warn them of a pre-planned Bankruptcy declaration in September.

The bankruptcy process should last around 5 months. Blockbuster hopes to escape leases on some 500-800 of their worst-performing stores. They intend to continue receiving new DvDs during this time and hope to keep the company afloat by transitioning to other, non-retail initiatives. Blockbuster kiosks, internet and mail renting are listed as future avenues for the brand.

When I was a kid and a teenager, Blockbuster stores held a certain magic. I remember stumbling upon many gems in the back of their comedy section. I discovered Life of Brian, the Monty Python collection, Steve Martin's The Jerk and, of course, the work of Mel Brooks within those racks of VHS tapes and (later) DVDs. A part of me is sad to see this titan of my youth die. But the greater part of me is glad something much, much better came along to replace it.

Update:

Blockbuster filed Chapter 11.

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Robert Evans
The excitement about new smartphones, tablets and anything mobile drive Robert to unearth the latest rumors and developments in this fast moving space. He adopted 4G as soon as it become available and knows where the mobile market is going.
Robert can be contacted directly at robert@i4u.com.