DALLAS // PRNewswire-FirstCall // -- Blockbuster Inc. (Pink Sheets: BLOKA, BLOKB), a leading provider of media entertainment, is continuing to serve customers as usual as the Company takes action to become financially stronger to enhance its ability to provide the best, most convenient access to movies, TV and games.
Jim Keyes, Chairman and Chief Executive Officer, said, "For more than 25 years, Blockbuster has been the go-to source for the best selection of at-home movies and game entertainment. We are continuing to provide our customers with the same outstanding convenience, service and value that have defined Blockbuster from the start, while we take action to become financially stronger. We look forward to continuing to provide our customers with the best, most convenient access to brand new releases and to continuing to enhance the Blockbuster experience."
Blockbuster today announced that it has reached agreement on the framework of a plan to recapitalize its balance sheet and has initiated Chapter 11 proceedings to implement this plan. Under the proposed recapitalization, Blockbuster would substantially reduce its debt and improve its financial condition.
Blockbuster Inc. is a leading global provider of rental and retail movie and game entertainment. The Company provides customers with convenient access to media entertainment anywhere, any way they want it - whether in-store, by-mail, through vending kiosks or digitally to their homes and mobile devices. With a highly recognized brand and a library of more than 125,000 movie and game titles, Blockbuster leverages its multichannel presence to serve nearly 47 million global customers annually.
SOURCE Blockbuster Inc.