Blockbuster's 2nd Quarter Loss Widens

Friday, Aug 13, 2010  |  Updated 9:45 AM CDT
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Blockbuster's 2nd Quarter Loss Widens

AP

Blockbuster lost nearly $70 million in 2Q.

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Movie rental chain Blockbuster Inc., which has been trying to avoid filing for bankruptcy protection amid tough competition from rivals like Netflix Inc., says its second-quarter net loss widened.

The Dallas company also says it agreed to a new forbearance agreement with debtholders that will give it more time as it seeks to recapitalize.

Quarterly net loss widened to $69 million, or 32 cents per share, from $37 million, or 21 cents per share, last year.

Revenue slipped to $788 million from $982 million.

Blockbuster has tried to revamp its offerings due to tough competition in the movie-rental sector. In August it launched a service with Comcast to offer DVDs by mail. It also offers video games by mail.

Blockbuster says its forbearance agreement is effective until Sept. 30.

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