Blockbuster Hoboken: Doomed
Blockbuster begins Hoboken phase out
We all already know that Blockbuster Video is closing their Hoboken location (amongst many others).
They recently started the inventory clearance, and hung this massive banner on the storefront. I just found it very funny that they had to clarify that it was “this location only.”
See previous Blockbuster history after the jump…
Damn that internet: Killing Blockbuster slowly!
Hoboken411 reader Zachary mentioned that the Hoboken Blockbuster will be officially
closing stopping rentals on February 3rd, 2011, And closing a few weeks afterward. And I thought they’d hang on just a bit longer.
Hoboken Blockbuster possibly still safe?
Hoboken411 took a look at some of the recent Blockbuster court documents – and spotted close to 20 stores in New Jersey where the leases will not be renewed. Hoboken wasn’t listed – but those cities included: Burlington, Carlstadt, Fort Lee, Gillette, Lakewood, Livingston, Logan Township, Middletown, Millburn, Morristown, Paramus, Pennsville, Ramsey, Raritan, Roseland, Turnersville, Verona, West Orange and Westwood. Not sure if these are the final locations closing or not.
Old school video renters in Hoboken might be a bit happy!
Over 500 stores might close; will Hoboken be one?
The Blockbuster Bankruptcy possibilities that have been rumbling this year are starting to remind me of the Brett Favre retirement stories. At one point, it was rumored that restructuring plans would be announced in mid-September, but now that’s been pushed back to the end of the month while they try to pay off debt.
Blockbuster, which is now publicly traded over the counter (BLOKA) is currently about 7 cents a share (down from about 20 cents a share earlier this summer). Their market cap is right in line with Hoboken’s Budget Surplus.
As part of the potential bankruptcy filing – Blockbuster would be able to get out of any property leases – including the giant space at 412 Washington Street.
I’m still not sure how Blockbuster could survive. With video on demand and DVR’s – hasn’t the need for physical media practically been eliminated?
Like a slow, painful death – it seems that Blockbuster Video is hanging on as long as they can…
From business blog B-Net:
Is Blockbuster ignoring the inevitable?
“With Blockbuster’s annual meeting coming up in just a couple of days and the company teetering on the brink of bankruptcy, company CEO Jim Keyes is keeping the water churning up to the last minute. He gave a blithe, clueless interview to the Dallas Business Journal last week in which he insisted everything was really just fine at the video-rental giant, though he had no news on whether a financial rescue might be in the offing. At the same time, the company issued its second filing in two weeks essentially begging shareholders to ignore a fed-up investor who’s trying to win a board seat.”
Do you think Blockbuster’s doom is certain? Or will they survive?
Blockbuster Considers Bankruptcy Filing
In an update to this story from six months ago – Blockbuster made news this week:
“In its annual report filed Tuesday, Blockbuster said its declining sales and cash flow, coupled with increasingly competitive industry conditions, “raise substantial doubt about our ability to continue as a going concern.” Blockbuster provided similar warnings nearly a year ago before it was able to refinance its long-term debt in the fall.”
Their annual report indicated that they suffered a more than $400 million dollar loss in the 4th quarter, and are close to a billion dollars in debt.
How much longer can they hang on?
Is Hoboken’s Blockbuster doomed?
Last week – Blockbuster made the news – indicating that despite trying to re-invent themselves over and over – are still suffering. They plan to close over 800 more stores before the end of 2010.
The simple question of the day is: