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New and Latest Movies News from Hollywood
March 17, 2010
Video-rental chain Blockbuster Inc. said on Tuesday for the first
time it may need to file for bankruptcy protection after years of
struggling to lessen its debt load.
The company's shares fell 10 cents to 30 cents in after-hours
trade.
Blockbuster also said on Tuesday its auditors have raised doubts
about its ability to operate as a going concern -- as the company
had warned investors a month ago they would.
The once-mighty video chain, which reported a fourth quarter net
loss of $434.9 million, has been trying to diversify into new
distribution channels as rentals and sales at its 6,500 stores
worldwide continue to dwindle amid challenges from the Internet,
by-mail movie-rental services like Netflix Inc and kiosks from
Coinstar Inc's Redbox. (source)
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