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Tuesday, April 5, 2011

Blockbuster for Sale

BLOCKBUSTER ON THE BLOCK: A bankruptcy auction of Blockbuster continues today after preliminary talks between bidders and the movie rental chain's representatives dragged on late into the evening. Once the world's largest movie rental chain, Blockbuster had a market cap of more than $5 billion at its peak in 2002 but came under pressure from competitors such as Netflix. The company put itself up for sale in February after a reorganization plan fell apart. Satellite TV company Dish Network and billionaire Carl Icahn are among the bidders, along with Gordon Brothers Group and Hilco Merchant Resources, with the latter planning to take over the stores and liquidate them if it wins the bidding. The auction will be followed by a hearing before a federal bankruptcy judge on April 7 to approve the new owner. Blockbuster has about 2,400 stores, but only about 1,700 are part of the auction, with the rest slated for closing. (4/5a)

 
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