Nationwide Media Rental Chain Blockbuster Files for Bankruptcy

on September 23, 2010 7:00 PM

Nationwide Media Rental Chain Blockbuster Files for Bankruptcy

Lovers of movies, video games and overpriced snack and junk foods have been making their rounds to nationwide rental chain Blockbuster for more than two decades. However, this will soon come to a halt. Earlier today, the twenty five year old retailer filed for chapter 11 bankruptcies.

Reportedly, the retailer has amassed an astounding debt of nearly one billion dollars. This has been attributed to the increasing performances of movies on-demand services like Netflix and more convenient and well resourced gaming rental services like GameFly.

Blockbuster has requested a good faith investment of around $50 million dollars so that it can pay movie studios to proceed with paying the debt. Some of my earliest and most fond memories of gaming are synonymous with Blockbuster so this comes as saddening news, but not surprising as many of them in my area have already closed down.

 /  Staff Writer
Kenneth is a Graphics and Game Design student who's worked as an author for since June of 2010. His favorite gaming genres are Fighting, Role Playing and Sadistic Action games like Ninja Gaiden and Bayonetta. In addition to gaming, he is also strongly interested in music, fashion, art, culture, literature, education, religion, cuisine, photography, architecture, philosophy, film, dance, and most forms of creative expression.