Tag: BANKRUPTCY

Dish Network has agreed to buy Blockbuster more than six months after the movie rental chain filed for Chapter 11 bankruptcy. Dish "won" a bankruptcy court auction for the company, with a winning bid of $320 million, although negotiations pushed the final price down to a paltry $228 million. Tom Cullen, Dish Network's executive vice president of sales, marketing and programming, says his goal is ...

It hardly comes as a surprise, but the big news this morning was Blockbuster filing for Chapter 11 bankruptcy. Under the arrangement, the failing video rental outlet would cut its debt from $1 billion to $100 million. Nothing is official, but it's expected that as many as 1,000 of the remaining 3,000 stores could be shuttered by year's end. ...

Blockbuster is bankrupt! Or, it will be come September, when the company plans to file Chapter 11 (which, for all you legal-phobes, means the company will financially restructure). Under a looming $920 million debt, the chain will close at least 500 stores, and focus instead on DVD kiosks and online distribution. Luckily, Blockbuster's still got an edge on studio releases over Netflix and Redbox. ...

As part of its newfound bankruptcy status, Ritz Camera's gearing up to close more than 300 of its around 700 brick-and-mortar stores across the US, or about 43 percent of its retail presence. Starting April 4th, the affect stores will begin liquidation sales that'll go on until -- in the words of the press release -- "everything is sold to the bare walls." Forget DSLRs, if you were needing any ...

We guess those bailout talks with DirecTV weren't so futile after all, huh? The satcaster's parent company, Liberty Media, has just stepped in to rescue Sirius XM from the clutches of bankruptcy, providing a $530 million life raft that it will use to pay off looming debt payments and keep operations humming. Liberty will write a $280 million check immediately, of which $171 million will go ...

Polaroid may have defeated Kodak in the instant camera business, but it can't beat a sagging economy. Polaroid (or Polaroid Corp to be precise) just filed for Chapter 11 bankruptcy protection for the second time in 7 years. Of course, the new Polaroid Corporation is really just a holding company for the Polaroid name -- a brand that has been thoroughly diluted by its application to sub-standard ...

digg_url = 'http://digg.com/business_finance/Circuit_City_files_bankrupcy'; Even after shutting down 155 retail stores and announcing plans to cut around 17-percent of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond as it attempts to survive under the ...

It's made it through some tough times in the past (the other DIVX, anyone?), but it looks like Circuit City is now really up against the wall, and it's apparently considering some rather drastic measures to avoid becoming the largest retailer to enter bankruptcy protection in recent years. According to The Wall Street Journal, "people familiar with the company" say that Circuit City is ...

Sharper Image, a consumer electronics and gadget retailer, has filed for Chapter 11 bankruptcy and plans to close over 90 of its 184 stores nationwide. Founded in 1977 as a mail-order catalog, Sharper Image began building retail stores in the early '80s. Despite its late success with selling products like Ionic Breeze and the Razor Scooter, the company has had to face rapidly declining sales in ...