No matter the amount of studios giving them an early head on renting their releases, or the number of competitors closing up shop, it looks like things are getting worse, and worse.
According to The AP, rumors that Blockbuster is looking at options that would allow the company to operate in or out of bankruptcy protection. The company has been rumored to be beating on the door of Chapter 11 for months now, and with each passing day, it begins to look more and more likely that this may be the case, and now it looks like Blockbuster knows just what they have coming for them. Something wicked this way comes for Blockbuster, who seems to be losing more and more weight within the world of video renting.
It looks to be even sparking a bit of a war within the company.
According to Studio Briefing, Wednesday brought a rather interesting turn for the company, when they announced that they were urging shareholders to reject a bid by shareholder Gregory Meyers to win a seat amongst the company’s Board Of Directors.
The interesting bit of the news here is that in 2005, Meyer had warned Blockbuster about the threat that kiosks like Redbox, or the one that Meyer himself founded that was later sold to Coinstar, which would later own Redbox, would pose to the company.
Well, now those very boxes seem to be posing a true threat, as they may be ushering in the ultimate threat, being the end of the company. Yes, they may be able to work and operate bankrupt or not, but it’s looking more and more likely that it would be simply delaying what looks to be the inevitable.
What are your thoughts on this?