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Blockbuster Ready To File For Chapter 11

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Blockbuster bosses are hoping to save their company by going bankrupt.  The Dallas-based DVD  rental chain has fallen on hard times because, with the advent of other technologies, hardly anybody goes to a store to rent DVDs anymore.  Now, the Wall Street Journal reports Blockbuster is in the final stages of preparing a long-awaited Chapter 11 bankruptcy filing and it could come as early as today.  Under the plan, the company wouldn’t go out of business but, instead, would consolidate into a smaller number of locations while focusing more on digital distribution. 

Blockbuster recently outlined plans to lock up nearly a thousand stores, and more closures appear to be on tap.  Somewhere between 500 and 800 additional stores could close under Blockbuster’s current bankruptcy plan.

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