Blockbuster Stays Afloat For Now

New deal for Dallas chain

Thursday, Mar 19, 2009  |  Updated 5:15 PM CDT
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Blockbuster Stays Afloat For Now

AP

Revenue at Dallas-based Blockbuster fell 12 percent.

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Blockbuster lined up new financing to give the struggling video rental chain more breathing room as it tries to adapt to ever-fiercer competition from the Internet and cable services.

The Dallas-based company announced the refinancing Thursday along with its fourth-quarter results.
 
Blockbuster said it lost $360 million, or $1.89 per share, in the three-month period ending Jan. 4, primarily because of charges to account for the diminishing value of its 7,500-store franchise.
 
Revenue fell 12 percent to $1.38 billion.

Despite the tentative refinancing agreement, Blockbuster said it expects its auditor to issue a warning about the company's ability to remain afloat.

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