A few weeks ago, I linked to an article that detailed 10 brands that won’t make it through 2010.  As it turns out, a 2011 death date was a bit optimistic for Blockbuster Video.  Creditors keep cutting them breaks on repayments and studios keep giving them favorable movie rental dates, but nothing seems like it will be able to save Blockbuster, as the company has privately warned studios of its intention to file for Chapter 11 bankruptcy next month.  Is this the nail in the VHS-shaped coffin?

The company lost $69 million dollars in the last quarter, and even closing 1000 stores in the past year hasn’t helped.  The company intends to shutter another 800 locations (out of 3425 locations), but that might not be enough to save the company, merely delay the inevitable collapse.  Creditors recently delayed a $42 million dollar payment in an attempt to give Blockbuster a time to find operating cash, and movie studios have considered making additional allowances to prop up the flagging chain as a continued source of revenue.  The competition from much cheaper sources isn’t helping.

“While making progress, this extension allows additional time to complete these complex, multiparty negotiations,” Blockbuster CEO Jim Keyes said in a statement.  “Our objective is to complete a recapitalization as soon as possible so we are better positioned to focus our attention and resources on the strategic opportunities to continue our business transformation.”  It’s nice to be hopeful, but the only thing Blockbuster is transforming into is a bunch of empty stores with a fading blue paint scheme.

Tags: Blockbuster, Blockbuster Video, Jim Keyes, Blockbuster to file for bankruptcy, Blockbuster to file for Chapter 11 next month, Chapter 11 bankruptcy, Blockbuster to close another 800 stores, video stores, home video rentals

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