Business going bankrupt…
No, not LW, come on!!!
I’m posting this entry due to 1 particular company on this list which I will be so happy to see go:
That’s right the original “Buster” as Derrick would say is on the brink of death :) You may say “Awesome” or even “can’t wait” and if you are one of those people, I will high five you next time I see you. Now if you say “damn”, or “too bad” I would tell you to go check out Netflix or Redbox both of which provide much better pricing with no late fees and less people to deal with in every transaction (yes I’m a fan of going places and dealing with machines rather than people who are incompetent or with nasty attitudes due to the the job they have). I will not miss paying too much for a movie rental, nor the late fees associated with them, so to Blockbuster I say RIP.
“The former king of video rentals is on life support. Blockbuster’s shares are trading under 30 cents per share and the firm is saddled with debt. Blockbuster has over $963 million in debt. The company’s biggest problem is that its business model no longer works. Blockbuster rose to prominence by renting videos and DVDs to customers from its traditional brick and mortar stores.
However, Netflix has become the new king of movie rentals with its DVD by mail strategy. To make matters worse, Redbox is quickly gaining market share with its $1 DVD rentals from kiosks set up at grocers, fast food chains and convenience stores. Blockbuster is trying to change its business by adopting a DVD rental kiosk model and offering mobile movies via smartphone. But unless Blockbuster can rid itself of its onerous debt burden, these changes may be too little, too late.”
You can read the rest of the original article here