Blockbuster Preps for Possible Bankruptcy

Netflix, Redbox give Blockbuster trouble

By Eric Kreindler
|  Tuesday, Mar 16, 2010  |  Updated 6:00 PM CDT
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Blockbuster Preps for Possible Bankruptcy

AP

**FILE** This July 23, 2006 file photo shows customers enter a Blockbuster video store in Dallas. Blockbuster Inc. will begin selling concert tickets at about 500 of its video rental stores, bolstering its effort to create a one-stop shop for entertainment. (AP Photo/Ron Heflin, File)

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Dallas-based Blockbuster Inc. said it may have to file for bankruptcy protection.

In a filing with the Securities and Exchange Commission, the movie rental chain said increasing competition threatens the company.

Blockbuster reported a fourth quarter loss of $434.9 million. The company is trying to sell international operations as a way to generate more cash.

Companies like Netflix and Redbox have put Blockbuster in a financial corner. Blockbuster said earlier in the year it planned to grow its by-mail video rental channel and continue to expand its digital movie offerings through On Demand to compete against new movie rental mediums.
 

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