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  #1  
Unread September 23rd, 2010, 09:40 AM
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chapter 11 and what does this mean for you

They filed chapter 11 this morning
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Even the Devil, which is the main share holder of blockbuster is saying you guys are making me look bad!

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  #2  
Unread September 23rd, 2010, 09:44 AM
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business as usual.
  #3  
Unread September 23rd, 2010, 09:47 AM
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People will still come in and ask us when we are closing... yeah...
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Unread September 23rd, 2010, 10:03 AM
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this is all big publicity.

a lot more people are thinking about blockbuster.

I wouldn't be suprised if more customers come into the stores for a little bit thinking all our rentals are for sale now that blockbuster is in bankruptcy.

I'll never forget the guy who brought 50 blurays to the counter he picked from bsi and said he wants to buy all of these for 2 for $25.
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Unread September 23rd, 2010, 11:04 AM
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My manager called me this morning and told me about it. Business does go on as usual, but they will be closing more stores than expected, but they won't know which ones until about 3 months.

Personally, I'm just bitter.
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  #6  
Unread September 23rd, 2010, 11:13 AM
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Quote:
Originally Posted by redfay View Post
My manager called me this morning and told me about it. Business does go on as usual, but they will be closing more stores than expected, but they won't know which ones until about 3 months.

Personally, I'm just bitter.
Where have you been redfay? We miss you!

These next two weeks are going to be hell
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  #7  
Unread September 23rd, 2010, 11:40 AM
ufo SM ufo SM is offline
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Quote:
Originally Posted by redfay View Post
My manager called me this morning and told me about it. Business does go on as usual, but they will be closing more stores than expected, but they won't know which ones until about 3 months.

Personally, I'm just bitter.
I was on the company conf call today and they didn't say anything about closing more stores than expected, there was no mention of any number. they said they have to evaluate which stores to close, this will be based on if your store can pay its own bills. If your store is losing money you might still be kept open if your making enough online exchanges, as we need stores for them to exchange. I don't think your manager was paying attention.
  #8  
Unread September 23rd, 2010, 11:46 AM
ufo SM ufo SM is offline
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According to this mornings Conferance Call. We eliminated almost all of the debt, the debt holders agreed to waive our debt for a
share in the companies future, no stores
are closing yet, some stores will be closed,
it will have to be evaluated those will be
the stores that are losing money and
bleeding the company, also in
consideration will be your stores online
members, if your not making a lot of
money but you have a lot of online
exchanges they might keep you around to
keep those customers as online members.
We now have freed up lots of cashflow to
invest in the company instead of just
pissing it away on interest payments, we
should emerge from chap 11 in around 5
months with 0 debt, that's right zero debt
on the books! We haven't been in that
situation since before viacom. Sorry
everyone who wanted us to go out of
buisness, its not gonna happen, the movie
studios and investors have made sure that
is not going to happen. To everyone who
thinks this is wrong, we negotiated these
deals in court so the chapter 11 makes all
this legally binding. Goodbye debt, hello
multi chanel distribution giant. On a sad
note we did close all stores in argentina.
  #9  
Unread September 23rd, 2010, 12:02 PM
kOre kOre is offline
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Quote:
Originally Posted by ufo SM View Post
According to this mornings Conferance Call. We eliminated almost all of the debt, the debt holders agreed to waive our debt for a
share in the companies future, no stores
are closing yet, some stores will be closed,
it will have to be evaluated those will be
the stores that are losing money and
bleeding the company, also in
consideration will be your stores online
members, if your not making a lot of
money but you have a lot of online
exchanges they might keep you around to
keep those customers as online members.
We now have freed up lots of cashflow to
invest in the company instead of just
pissing it away on interest payments, we
should emerge from chap 11 in around 5
months with 0 debt, that's right zero debt
on the books! We haven't been in that
situation since before viacom. Sorry
everyone who wanted us to go out of
buisness, its not gonna happen, the movie
studios and investors have made sure that
is not going to happen. To everyone who
thinks this is wrong, we negotiated these
deals in court so the chapter 11 makes all
this legally binding. Goodbye debt, hello
multi chanel distribution giant. On a sad
note we did close all stores in argentina.
You honestly believe all that?
Let the bodies hit the floor!
  #10  
Unread September 23rd, 2010, 12:10 PM
Flantanella Flantanella is offline
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You also do know that Circuit city filed chapter 11 and ended closing all its stores. Blockbuster will shed 500-800 stores that are not performing and will continue to do that. The mass illusion that things will turn around is getting old.

Yes studios dont want them to fail but the same time they want their money.Creditors and investors will soon also want their money. Chapter 11 is not a way for " oh gee you guys fucked up but lets wipe the slate clean." They have a chance to reorganize and better have a good plan or chapter 7 can be next
The Following 4 Users Say Thank You to Flantanella For This Useful Post:
BBV PTSD (September 23rd, 2010), itirnitii (September 23rd, 2010), yodavsjason (September 23rd, 2010), zooworker (September 23rd, 2010)
 

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