Getting your player ready...
NEW YORK — Troubled video-rental chain Blockbuster is planning to file for Chapter 11 reorganization any day now, according to a published report.
Citing sources with knowledge of the situation that it did not name, The Wall Street Journal said Blockbuster is working with creditors to develop a restructuring plan that would free it of debt, allow it to keep some stores open and focus more on digital distribution.
The Journal says investor Carl Icahn owns one-third of Blockbuster’s debt and would return to the company’s board once it exits Chapter 11.
Once a home-entertainment powerhouse, Blockbuster, based in Dallas, has been losing business for years as more movie lovers switch to subscription services such as Netflix.
