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  #1  
Unread May 6th, 2011, 03:05 PM
JustTheFacts JustTheFacts is offline
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5,000 BB employees losing their jobs

Studios Push Blockbuster Canada Into Receivership

6 May, 2011

By: Erik Gruenwedel


Unit put up as collateral by U.S. parent following bankruptcy.


A Canadian judge has ordered Blockbuster Canada be put into receivership after major Hollywood studios called in payment of more than $67 million owed them by the chain’s U.S. parent.

The May 4 order by the Ontario Superior Court of Justice means the 440-store chain with nearly 5,000 employees is now in the hands of receiver Grant Thornton Ltd., and will likely be put up for sale similar to Dallas-based Blockbuster.

Blockbuster Canada, which was not part of Blockbuster’s Chapter 11 bankruptcy last September, was put up as collateral to the studios in order to maintain shipments of new release DVD and Blu-ray Disc movies. The chain was considered profitable despite the emergence of Netflix streaming last summer.

Following the $320 million sale of Blockbuster to Dish Network, the satellite TV operator, in court filings, said it would agree to paying no more than 75% of monies owed studios, including outstanding revenue-sharing agreements.

In a statement, Grant Thornton said Blockbuster Canada stores would continue to operate as usual in the near-term as it identifies interested parties. Stores employees are being paid weekly instead of bi-weekly, including any outstanding vacation pay. Stores are no longer selling gift certificates.

"The process is intended to identify parties interested in purchasing Blockbuster Canada's enterprise and assets," Thornton spokesperson Michael Creber said in a statement. "The focus today is to stabilize operations and maximize the situation for all the stakeholders, creditors and employees the best we can in the circumstances."

Regardless, Canadian analysts said they saw the writing on the wall for Blockbuster for some time.

"It was only a matter of time before the Canadian operations of Blockbuster followed their American operations to bankruptcy," independent analyst Carmi Levy told a Canadian website. "We saw it coming and were simply counting the days.”
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  #2  
Unread May 6th, 2011, 03:35 PM
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Hot Head Hot Head is offline
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Push them to the cliff!
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Even the Devil, which is the main share holder of blockbuster is saying you guys are making me look bad!

Horse Power is how fast you hit the wall. Torque is how far you take the wall with you.
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  #3  
Unread May 6th, 2011, 09:21 PM
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Why they promised Canada to cover USA I will never know.
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Yea, it is a Winning Store, but now we are closing it"

"The question is not how far. The question is, do you possess the constitution, the depth of faith, to go as far is as needed?" - II DUCE
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  #4  
Unread May 6th, 2011, 09:53 PM
itirnitii itirnitii is offline
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Gotta cover that turd with diamonds.
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The postings on this site are my own and do not represent Blockbuster's positions, strategies, or opinion.
The postings on this site are my own and do not represent DISH Network's positions, strategies, or opinion.
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  #5  
Unread May 6th, 2011, 10:03 PM
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CoffeeCup CoffeeCup is offline
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Quote:
Originally Posted by Blockbusterstore482 View Post
Why they promised Canada to cover USA I will never know.
Because we actually made money?

So naturally we get fucked for it.

Thanks Blockbuster
  #6  
Unread May 7th, 2011, 03:35 AM
orbitdvd orbitdvd is offline
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Quote:
Originally Posted by Blockbusterstore482 View Post
Why they promised Canada to cover USA I will never know.
And deep down, we all knew this would be the outcome.
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  #7  
Unread May 7th, 2011, 05:07 AM
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Quote:
Originally Posted by CoffeeCup View Post
Because we actually made money?

So naturally we get fucked for it.

Thanks Blockbuster

No thank you for making so many people have a Blockbuster night
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[SIGPIC][/SIGPIC]
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Even the Devil, which is the main share holder of blockbuster is saying you guys are making me look bad!

Horse Power is how fast you hit the wall. Torque is how far you take the wall with you.
  #8  
Unread May 7th, 2011, 08:23 AM
Supera Supera is offline
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Quote:
Originally Posted by Blockbusterstore482 View Post
Why they promised Canada to cover USA I will never know.
I thought corporate pledged the Canadian Assets so that they continued to receive product from the studios? Otherwise the new releases would have stopped shipping and Blockbuster US would have died even quicker than it did?
  #9  
Unread May 7th, 2011, 10:55 AM
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MamaSmurf MamaSmurf is offline
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^that's exactly what they did. And now, Canada probably won't make it. So looking forward to vendor issues now.... and no prestreets. Sigh
  #10  
Unread May 7th, 2011, 11:34 AM
Supera Supera is offline
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Quote:
Originally Posted by MamaSmurf View Post
^that's exactly what they did. And now, Canada probably won't make it. So looking forward to vendor issues now.... and no prestreets. Sigh
No prestreets already? Have you already started to have supply issues so early into the bankruptcy?
 

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