Blockbuster's Stock Drops After Pending Bankruptcy Reports

posted on 2010-09-22 22:48 EDT
Bankruptcy may be filed within days, stocks drop to 6 cents

The video rental chain Blockbuster may file for bankruptcy "within the next few days," an unidentified source familiar with the chain told the news wire service Reuters. Also this week, the company's stock dropped 31 percent to 6 cents, making the business worth US$12 million according to The Hollywood Reporter newspaper.

Shares of the competing comany Netflix rose 7 percent to US$156.93, making the company's market capitalization worth US$8 billion. Blockbuster was delisted by New York Stock Exchange after building a debt of over US$900 million, but the company has been holding off debt payments.

[Via AICN Anime]

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