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Blockbuster to File Chapter 11

 

Blockbuster Inc. (PINK:BLOKA) is preparing to file for Chapter 11 bankruptcy within the next few days, a source familiar with the video rental chain’s plans said on Wednesday.

The Dallas-based retailer said earlier this year it would close nearly 10 percent of its stores. Customers have moved away from renting films through its outlets in favor of online services such as Netflix.


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