Tuesday, April 7, 2009
Mind if I Pay These Late Fees With a Few of My Blockbuster Shares?
Blockbuster in a Monday filing told the Securities and Exchange Commission what anyone who’s observed its fast-declining fortunes has known for some time now: The company isn’t sure it can stay in business much longer. In a PricewaterhouseCoopers assessment included as part of its latest 10-K, Blockbuster acknowledged that its financial situation raises “substantial doubt about the Company’s ability to continue as a going concern.”
Repudiating claims that Blockbuster intended to file for bankruptcy earlier this month, spokesperson Karen Raskopf said the troubled video rental chain has “lots of plans to grow our business.” If inking a video-on-demand deal with a declining DVR pioneer is one of them… well, that’s not much of a plan, is it? 
