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Blockbuster Bankruptcy: All Remaining Stores Shutting Down

First Posted: 08/31/11 06:46 PM ET Updated: 10/31/11 06:12 AM ET

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Blockbuster

TORONTO - The remaining Blockbuster stores in Canada are to be closed.

The receiver in charge of the bankrupt movie rental company is seeking a court order to shut about 253 locations and wind down the business.

The receiver said it has tried to sell Blockbuster Canada, but was unable to reach an agreement with a buyer.

Receiver Grant Thornton already shuttered about 150 Blockbuster Canada stores in June.

The receiver said the closure process should begin in the next few days, and existing gift cards will and rewards programs will no longer be accepted.

A court hearing to consider the closure is scheduled for next Tuesday.

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Inannawhimsey
111 Fans
05:41 AM on 09/02/2011
I think this calls for a toast

http://www.youtube.com/watch?v=2KODZtjOIPg
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realityCheckInTheMail
76 Fans
02:52 PM on 09/01/2011
Won't miss these guys.

Netflix and Amazon are, in general, reasonable companies that don't try to ding me.

Blockbuster never cared whether they steamed by buns or not. They'd like me straight in the eye and charge me a $20 late fee. That's a whole month on Netflix!

Buy bye jerks. This is what happens when your build your business on gouging customers and monopolizing good locations. When a better choice opens up - your customers abandon you.
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Inannawhimsey
111 Fans
05:42 AM on 09/02/2011
I remember the days when renting a video, one also had to rent the VCR, and they were very clunky things.

The only thing permanent is impermanence.
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jteschke
336 Fans
02:28 PM on 09/01/2011
I still remember during the 90s when Huizenga, the founder of Blockbuster, ordered his US minimum wage employees to undergo tests of their hair to see whether or not they were smoking pot in off-hours. I also remember that Blockbuster ran most of the small business video (later DVD) stores out of business. Actually, the development is similar to that which occurred in book stores. Fortunately, at least in BC, the libraries are pretty good on all but the newest items, and they don't charge. RIP Blockbuster.
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Guy Incognito
Canadian. Sorry.
259 Fans
10:29 AM on 09/01/2011
Blockbuster made its fortunes on the back of revenue sharing with the major studios. Where indie operators paid an average of $100-120 per tape, Blackbuster paid about a fifth of that and earned a percentage on new releases. That went out the window when DVD's became a sell-through product right out of the gate. VOD finally killed the brick & mortar model for video rentals, and I agree with Cael - gamers are SOL and vod bandwith will not be near DVD or HD quality for some, and when it is, your internet provider will be throttling you back for chewing up bandwidth, and you'll be worse off...
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Cael
108 Fans
 
09:14 AM on 09/01/2011
Too bad, now there is nowhere to rent movies and games anymore. Rogers video is few and far between. Netflix movie quality sucks and so does the content. Rogers on Demand movies are over priced for HD movies, and the HD quality is barely Dvd.
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AJOHMSS
1507 Fans
 
08:23 AM on 09/01/2011
Guess they should have partnered with Netfilx several years ago when they had the chance.
Why'd they turn them down again?
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