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.