Blockbuster Files For Bankruptcy

Tagged: Blockbuster, Movie Rentals, Technology
Source: Jared Maynard - Read the full article
Posted: 4 years 7 weeks ago

You can't say we didn't see this one coming, but it's still aggravating that a company this large can file for Bankruptcy at the cost of the taxpayers.

"Blockbuster hasn’t been having the best of times as of late and we now hear that the company is set to file for bankruptcy next week. Blockbuster has allegedly met with Hollywood’s big movie studios in order to discuss the move. The company expects to restructure $1 million in debt.." | more

 

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Alpha
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What does this have to do with the taxpayers? It says "Hollywood" not congress. Am I reading this wrong? And I thought Verizon is pushing for Blockbuster Online movie streaming on their phones. Netflix and On Demand Cable and Satallite are the murderers. RIP Blockbuster.

Tiv
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http://kotaku.com/5623316/blockbuster-filing-for-bankruptcy

Are you all reading this? 

"According to "people who have been briefed on the matter", Blockbuster has already begun meeting with Hollywood's big movie studios to discuss the move, which its hoped will help them restructure $1 billion in debt and allow the company to get out of leases on around 500 of its stores." "This is the part I'm talking about that has me upset. They are going Bankrupt to get out 500 store leases. In total, between 500-800 stores (of a total of 3,425) will be shuttered as part of the move, to go with the 1000 closed last year." 

So they go Bankrupt on the TaxPayers dime, Close more stores and people still lose jobs. It's just sad every way you look at this. 

I sleep fine at night knowing we are banning people who deserve it.  Tivon
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Tiv
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I'm the moderator here and I will not tolerate insults! Next time choose your words more wisely.

I do have a direct negative view of looking at these businesses that use Bankruptcy to save their money on the tax payers dime. I do feel the pain of people being out of work because I lived in a poor home. I fully understand that times are hard, but in truth they are always. I'm all for Bankruptcy for the people that loose their jobs, but these businesses have CEO's with millions of dollars. And you know from all my years on Earth there is always someone that is whiling to buy them out and give these people new jobs. I just don't see the harm in letting a business fall if it's not stable.

dglenn247 wrote:@Tiv Thats a lot of big talk from someone who is out of touch with the job market...  Apparently your ignorance to the situation is worse than expected.

Elmex8
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agree 100%
For example my dad, got fired from a $21/ hour job, then from an $18/ hour job, and applied for hundreds of jobs. In half a year, he could only find a place that would hire him for $11 per hour as a forklift driver. It's easy to talk and make fun of those who take unemployment checks, but you need to know that everyone wants a job that is worth their while. If blockbuster goes under, you will see thousands of people in the US and Canada looking for jobs, that are already looked by other ten's of people. So Tiv, you need to consider everything. Like, shareholders loosing their money, people getting fired, investors from overseas taking the opportunity and bringing the money to a different country. You REALLY don't want Block Buster crumbling.

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dglenn247
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@Tiv
Thats a lot of big talk from someone who is out of touch with the job market. Even blockbuster close stores is bad for the economy and job market. As for the unemployed, there are hundreds of people applying for these "dime a dozen" jobs. There arent any good jobs right now. There are very few crappy, low paying ones as well. I am looking for work. I have been struggling for a year now. I hate to see any company fail right now. Thats just more employees who need a new job. Apparently your ignorance to the situation is worse than expected. Remember that more business close, more unemployed workers fighting for the same jobs. Its not rocket science. Its common sense.

BTW, redbox is a machine replacing several workers with less overhead, usually one person servicing several boxes twice a week.

Tiv
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Elmex8 wrote:this was no surprise indeed. BTW, why is it aggravating? would you like to see money lost and jobs lost if they crumble? blockbuster needs some cash to fight company's like netflix.

Blockbuster failed to adjust with the times. Those jobs are a dime a dozen and would be replaced with other businesses with new jobs that actually have money. Now the people that are working at stable jobs today are losing money to a business that can't manage themselves. Think of it like this. How about you pay that 1 Million dollars to blockbuster. It's as bad as when the Government bailed out the Banks. We have Federal protections that cover the peoples money, but banks that can't manage money need to close shop and let someone in that can do the job. That's all I'm trying to say. Let Blockbuster go under and let someone with money move in with new jobs without costing the taxpayers. I don't think they should get off so easy, as a judge I'd make them pay up.

And for you people out there that are still sitting on your arses and collecting unemployment checks. GET A JOB! Is everyone too good for manual labor WTH??

Elmex8
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this was no surprise indeed. BTW, why is it aggravating? would you like to see money lost and jobs lost if they crumble? blockbuster needs some cash to fight company's like netflix.