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  #21  
Unread January 25th, 2011, 08:25 PM
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How many months has it been since they declared bankruptcy? And what have they done since then?

Closed hundreds of more stores. Rolled out "Blockbuster Way". And what else. NOTHING!

No major management change(no we will wait until we get another 250 millions first before we decide who should spend that money.

Did they roll out any new vendors or items? Nope, same shit we have been pushing for years! Why not get rid of coke and get pepsi? That's right, big bonus for the big wigs from coke. Don't want to loose that.

Did they do anything for employees? Promise them benefits from selling total access, then never deliver. More lies from corporate!

I have done more things than blockbuster in the last few months.

If investors are STUPID enough(yes morans!) to lend them more money, then the investors should come by sometime and sign up for total access! And buy a bundle! And don't forget that pickle that Keyes and Dunlop are going to shove up their asses!

I still have lots of friends that work at Blockbuster, and I'm gonna feel bad when their stores close, but any job out there will treat their employees better than Blockbuster did!
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  #22  
Unread January 25th, 2011, 10:13 PM
itirnitii itirnitii is offline
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Quote:
Originally Posted by Big Dog View Post
I have done more things than blockbuster in the last few months.
Can't explain why, but I laughed so fucking hard.
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Big Dog (January 26th, 2011)
  #23  
Unread January 26th, 2011, 09:35 AM
BBStoreMgr112233 BBStoreMgr112233 is offline
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Originally Posted by sarge View Post
One thing that I think has been overlooked. Blockbuster was "forgiven" how much debt? One billion, I think or they are still going thru the process so we have to wait and see if that works out thru bankruptcy. People were like, "yea...Blockbuster has no debt and can now become a leader once again in the dvd rental industry." But they are not even out of bankruptcy and they want to get upwards of $250mil while attempting to emerge from BK. Seems to me they are willing to go right back into debt and keep on doing the same ole same ole. Which was proven didn't work. What you y'all think?
Everyone on this board, for or against BB, agrees that BB must make some big changes post BK to have any chance of survival. It takes money to change. If it was my business, I wouldn't even bother trying to restructure if there wasn't some money after BK to change. We all agree that simple cost cutting isn't going to save this company.

The BK process will linger for several more months. BB is required to file a business plan with the courts. That deadline has been pushed to March 21st and the plan must be approved by the courts. I think this plan, once submitted, will let most of us know one way or the other what the future holds for this company.

And the debt hasn't really been "forgiven". The majority of that debt, a little over 600 million of it, was held by the senior bond holders who currently are set to receive ownership and control of the post BK Blockbuster.

I think the real concern should be in the fact that Mr. Keyes as CEO will be leading the efforts to come up with this post BK business plan. The senior bond holders, according to court documents, have the right to choose a new CEO and news reports have stated they began this process several weeks ago.

So what I don't understand is.... Why in the hell would you let an exiting CEO plan the future for a company he couldn't save from BK, a company he most likely won't be around to run? If it is truly the wish of the bond holders to have a new CEO, one should have been selected and Mr. Keyes should have been let go either upon filing for BK or certainly within weeks, not months, thereof. Because now you will simply be hiring a CEO to impliment a plan he had no input in and a plan that was put together, atleast in part, by a failed exiting CEO.
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  #24  
Unread January 26th, 2011, 10:03 AM
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Quote:
Originally Posted by BBStoreMgr112233 View Post
So what I don't understand is.... Why in the hell would you let an exiting CEO plan the future for a company he couldn't save from BK, a company he most likely won't be around to run? If it is truly the wish of the bond holders to have a new CEO, one should have been selected and Mr. Keyes should have been let go either upon filing for BK or certainly within weeks, not months, thereof. Because now you will simply be hiring a CEO to impliment a plan he had no input in and a plan that was put together, atleast in part, by a failed exiting CEO.
Agreed......
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  #25  
Unread January 26th, 2011, 01:15 PM
sarge sarge is offline
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Quote:
Originally Posted by BBStoreMgr112233 View Post
If it was my business, I wouldn't even bother trying to restructure if there wasn't some money after BK to change. We all agree that simple cost cutting isn't going to save this company.

The BK process will linger for several more months. BB is required to file a business plan with the courts. That deadline has been pushed to March 21st and the plan must be approved by the courts. I think this plan, once submitted, will let most of us know one way or the other what the future holds for this company.

And the debt hasn't really been "forgiven". The majority of that debt, a little over 600 million of it, was held by the senior bond holders who currently are set to receive ownership and control of the post BK Blockbuster.
I agree, you have to have money to continue and you have to have a new plan in process. Not only a new plan, but you better have a better one. If you ask for more money to exit and become sucessful, you are going to have to pay it back. You will looking to repay with less stores and the trends have been down for the brick and mortar stores for a while. So you better have some good innovation for revenue and product mix. Not the as seen on tv product either. Tanning has been a great mix for our store when we had it at. When the dvd releases were slow, tanning season was in full swing. As a new store this brought in over 100k in the store the first year and was growing. I'm not saying this works in every store but, you need something to mix in that will offset the decline of in store rentals. Movie Gallery didn't do it and I don't see Blockbuster doing it. Which is to bad for the number of employees' that would lose their jobs because of it.
  #26  
Unread January 26th, 2011, 03:59 PM
orbitdvd orbitdvd is offline
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I still maintain that some powers that be are looking to just sell the name off to the highest bidder. What were BBV's assets in that article, $400 million? Liquidate and then farm that big blue symbol to a cable company.
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  #27  
Unread January 26th, 2011, 09:33 PM
BBStoreMgr112233 BBStoreMgr112233 is offline
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Quote:
Originally Posted by orbitdvd View Post
I still maintain that some powers that be are looking to just sell the name off to the highest bidder. What were BBV's assets in that article, $400 million? Liquidate and then farm that big blue symbol to a cable company.
Assests listed in the last quarterly filing as of Oct 3, 2010 were just over 1.1 billion.

And Ichan isn't the liquidating type of investor. I am sure he has other plans that will become more apparent as time goes on.
  #28  
Unread January 26th, 2011, 10:56 PM
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Quote:
It takes money to change.
As someone who has owned and managed businesses all her life I would have to say that is untrue. Change is free. But first you have to have the willingness to change, and that is what is not happening here.

I have stated so many things that would work so I won't bother with that now ... but really the biggest thing that needs to change is attitude ... at the top levels. They need to try honesty.

And use the Bankruptcy protection to throw Keyes out on his fucking ass without his big payout .... seriously now. They fire a hardworking SM for coupon fraud and Keyes is guilty of horrible management.

Imagine what any NFL team would have done if Keyes was the coach ....


Just my thoughts ... your mileage may vary ... LOL
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Big Dog (January 27th, 2011)
  #29  
Unread January 27th, 2011, 06:31 AM
Freemason220 Freemason220 is offline
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I have my DM coming into my store today to do an audit. I am seriously thinking of pulling the DM aside and talk about the future of the company as a whole.

This DM is a strong leader, but like everyone else above the store level, they see in numbers instead of reality.

I am going to ask the DM to work 4 shifts a month around the district. I really wanna see if I get laughed at or ignored. I am curious to see the reaction.
  #30  
Unread January 27th, 2011, 06:35 AM
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I totally agree with mom! (Hi mom!)

Blockbuster came out of bankruptcy with 125 million dollars to get the business turned around.

NOTHING CHANGED! BUSINESS AS USUAL!

When I overspend one week, I look back to see what I did wrong and I DON'T DO IT AGAIN!

Blockbuster owed almost a billion dollars and what have they done since then. NOTHING!

I was looking for some change when BK happened, saw business as usual, so I knew it wasn't going to be long before they closed all the stores.

I put out my resume and got a job making 6000 more, less stress, and PAID holidays off! The grass is sometimes greener on the other side.

I see my friends at bb every couple of weeks and the stress is unbearable, no recognition for work they do, and constant fear of closing. What kind of company would treat their employees that way?

That's the "Blockbuster Way"
 

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