The movie rental giant will run all regular services while they reorganize.
ALBANY, GA -- Movie rental giant Blockbuster filed for Chapter 11 Bankruptcy Protection and company officials say they plan to keep all stores, kiosks, web, and mail services operating while they reorganize.
Blockbuster has suffered from fast growing video rental alternatives like Netflix and the Red box.
Company officials released a statement saying they plan to “recapitalize its balance sheet and put the company in a stronger financial position as it continues to pursue its strategic plan and transform its business model. The recapitalization plan would substantially reduce the Company's indebtedness -- from nearly $1 billion currently to an estimated $100 million or less when implemented”
To read the full statement about Blockbuster click here.
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