BLOCKBUSTER VOICES "SUBSTANTIAL DOUBT" ABOUT ABILITY TO SURVIVE

by Darren Murph, posted Apr 7th 2009 at 11:04AM

As depressing as it is to see an American icon come this close to collapse, is it really any surprise? While the world kept turning, Netflix kept reinventing itself and movies found their way onto the internets (legally), Blockbuster sat still... and that's putting things nicely. Sure, it tried the whole movie set-top-box thing, but no on will argue that it went about things the wrong way. In a recent SEC filing, the company made perfectly clear that there was serious risk that it wouldn't be able to refinance its crushing debt load in order to stay afloat for a wee bit longer; in fact, it noted that said quandary raised "substantial doubt" about its "ability to continue." 'Course, hampering its Total Access rental plan and promising less stock in-store doesn't exactly sound like a brilliant plan to be successful, but maybe yesterday would be the best time to completely revolutionize its business and go online only. Just an idea, is all.

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