As if Blockbuster didn’t already have enough problems.
According to Home Media Magazine, Blockbuster CFO Thomas Casey has resigned effective as of September 11. The company has handed over the reins to new EVP and CFO Dennis McGill, who now has the job of saving the fledgling video rental chain.
However, according to sources, the company ‘pushed him out and gave him a departing gift with the bonus,’ so it looks as though it may not have been completely Casey’s doing. The former CFO was unable to complete a deal to save the company from being forced to file Chapter 11, so it appears as though there were highly publicized reasons behind this resignation.
At this point, it’s hard to tell what’s truly in store for the former video rental giant, who is slated to file bankruptcy sometime this month. It’s going to be a wait and see process with the company, who just recently attempted to expand their business by adding games to their rent by mail service. It’s the Wild West out there in the world of video renting and distribution, and it looks like Blockbuster may be the biggest casualty.
What do you think?
Source: Home Media Magazine