Hot off the heels of Netflix announcing its launch in Canada, Blockbuster has filed for Chapter 11 bankruptcy in the US. This announcement doesn’t come to a surprise to anyone. While media technology continues to move forward, Blockbuster continues to hold on to the past.
The future of movies is being able to stream it over the internet without physical media. I can’t remember the last time I’ve ever rented a movie or video game.
Under the plan, Blockbuster’s debt would be reduced from $1 billion to about $100 million. At this point, all stores will remain open, but it is expected that up to 1,000 stores could be closed during the restructuring.
Image blockbuster Originally uploaded by Digiart2001 | jason.kuffer