The Los Angeles Times is reporting that Blockbuster Inc. (NYSE:BBI) has informed multiple movie studios that the company is preparing for a chapter 11 bankruptcy filing in mid-September. The filing, if it occurs, would be the second chapter 11 filing by a major movie rental chain just this year. Movie Gallery, Inc. - which operated the Movie Gallery and Hollywood Video rental chains - filed for chapter 11 protection in February and has since closed all of its stores and is in the process of completing its liquidation.
More on Blockbuster's plans from CNN in the video available at the address below.
Read more: http://www.netdocketsblog.com/2010/08/blockbuster-preparing-for-september.html#ixzz0xruSo5AY
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