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Is Blockbuster poised to declare bankruptcy - Monc

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The Los Angeles Times reports (based on the word of anonymous sources) that execs at Blockbuster are on the verge of declaring "pre-planned" bankruptcy in September with, most likely, the cooperation of "most but not all" of its creditors.

Under the rumored plan, Blockbuster — which has seen its share of the home video rental market wither after fierce competition from Netflix and Redbox — would restructure nearly $1 billion in "crippling" debt and ditch the leases of about 500 of its remaining (and increasingly pointless) 3,400-odd brick-and-mortar video rental locations, the L.A. Times says.

At the same time, Blockbuster would double down on its growing NCR-operated Blockbuster Express kiosk business and its digital download service, the Times says. In other words, Blockbuster hopes to throw a dead elephant off its back (all those rental stores) and skate over to where the puck is (automated kiosk rentals and digital downloads).

Of course, none of this is confirmed by on-the-record sources. And Blockbuster HQ is still keeping mum on its plans (although the L.A. Times story sounds suspiciously like a test balloon that’s been floated the gauge the reaction of investors).

Now,Moncler, it’s tempting — at least for me — to sit back and gloat over Blockbuster’s predicament. As a loyal Netflix customer for a decade (even before the movies-by-mail giant had adopted its now-ubiquitous red envelopes), I’ve long viewed Blockbuster as the big, evil Goliath to Netflix’s heroic David. And yes, I took snide pleasure in watching the one-time underdog come out on top. (If anything, Netflix’s biggest competitor now is Redbox and its army of ever-popular kiosks, not Blockbuster.)

But while watching Blockbuster sink to its knees might be satisfying for some, it wouldn’t be a good thing for those of us who love renting DVDs and Blu-ray discs. Why? Because competition is always good. Yes,Juicy Couture belts, I’m an unabashed Netflix fan (go ahead, call me biased), and I’m seriously impressed by the rapid growth of Redbox and its fleet of 23,000-plus rental kiosks. But competition keeps everyone sharp, and honest.

The L.A. Times notes that more than 6,000 Blockbuster Express kiosks are now in operation, renting movies for a buck a night — which presumably keeps the pressure on Redbox (which has been testing higher per-night rates in various markets) to maintain its $1-a-night rental fees. Meanwhile, Blockbuster is keeping a toe in the subscription DVD market while continuing to expand its Blockbuster on Demand service — not something that Netflix is running scared about, probably, but still worth keeping an eye on.

So, I’d never thought I’d say this, but ... I’m going to quit my gloating and start pulling for Blockbuster. Not because I want to sign up for a Blockbuster rental card, mind you, but because I want Netflix and Redbox to keep innovating, without forgetting about their customers. That’s what competition does.

• Los Angeles Times: Blockbuster tells Hollywood studios it's preparing for mid-September bankruptcy

— Ben Patterson is a technology writer for Yahoo! News.

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Rumors of imminent bankruptcy have been dogging the financially struggling Blockbuster video rental chain for years, and a recent report claims that Blockbuster will finally file for Chapter 11 bankruptcy protection as early as next month. But while the easy-to-hate Blockbuster may be down, it’s probably not out—and that’s a good thing for us movie-loving consumers.

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