Amnesiac
September 23rd, 2010, 05:20 PM
Now we're more likely to pluck DVDs out of a mailbox or a vending machine in the local supermarket — or get even more immediate gratification by playing a movie through cable or high-speed Internet.
The long shift finally pushed Blockbuster Inc. into bankruptcy Thursday, raising the possibility that another cultural touchstone could crumble amid the upheaval unleashed by new technology and savvy entrepreneurs who know how to exploit it.
For now, Blockbuster intends to continue operating its remaining 3,300 U.S. stores under Chapter 11 protection, although analysts expect hundreds of them to close under new owners led by billionaire investor Carl Icahn.
That will likely mean mass layoffs among Blockbuster's 25,500 employees, including 7,500 full-time workers. And if Icahn and the rest of the new ownership hope to save Blockbuster, it will require coming up with an antidote to the dual threats posed by Netflix and video vending machine operator Redbox, which is owned by Coinstar Inc.
From here. (http://www.msnbc.msn.com/id/39332696/ns/business-retail/)
Not a surprise, that's what they get for failing to innovate properly.
The long shift finally pushed Blockbuster Inc. into bankruptcy Thursday, raising the possibility that another cultural touchstone could crumble amid the upheaval unleashed by new technology and savvy entrepreneurs who know how to exploit it.
For now, Blockbuster intends to continue operating its remaining 3,300 U.S. stores under Chapter 11 protection, although analysts expect hundreds of them to close under new owners led by billionaire investor Carl Icahn.
That will likely mean mass layoffs among Blockbuster's 25,500 employees, including 7,500 full-time workers. And if Icahn and the rest of the new ownership hope to save Blockbuster, it will require coming up with an antidote to the dual threats posed by Netflix and video vending machine operator Redbox, which is owned by Coinstar Inc.
From here. (http://www.msnbc.msn.com/id/39332696/ns/business-retail/)
Not a surprise, that's what they get for failing to innovate properly.