Consumerist reports that Blockbuster will not accept gift cards after April 6th, according to a notice posted at a Blockbuster store.
In a related story, Erik Gruenwedel from Home Media Magazine reports that Blockbuster officially goes on the auction block on April 4th, after losing $68 million in the last quarter.
Separately, Blockbuster officially goes on the auction block April 4, with bids accepted beginning at 10 a.m. EDT. If no legitimate offers exceed the opening “stalking horse” bid of $290 million, that bid by a group of senior lenders dubbed Cobalt Video Holdings would likely be declared the purchase price at a post-auction hearing slated for April 7.
U.S. Bankruptcy Judge Burton Lifland overruled objections to the “stalking horse” bid, amid other concerns, in a hearing March 17.
Thanks to Bob for sending this in.
I hope they don't all shut down. Netflix and Redbox have crushed them to the point that Netflix isn't even trying to get a lot of the newly released older movies and classic TV shows the way they used to on DVD/Blu-ray.
Competition is good. Once you start becoming a monopoly there's no motivation there to offer the best product possible. I love Netflix streaming service but that seems to be all they're focusing on now, and that sucks.
I haven't rented a movie at Blockbuster in a very long time but I've continued to use their Game Pass to rent games, which is vastly superior to anything else out there for that. If they go out of business I wouldn't even consider taking my business to GameFly again. Shipping times and availability are awful for that site.
Posted by: LosCaca | March 31, 2011 at 04:27 AM
The last Blockbuster that shut down near me dumped hundreds of old receipts and employee information when they moved out, and I was able to acquire about 50 Blockbuster gift cards and some XBOX Live cards from their dumpster. I entered every single one of those codes, hoping beyond hope. None worked, sadly, but I still got some free DVD racks, 30 empty cases, a Studio Ghibli movie, employee information for assuming a new identity, stale candy, and some branded keychains.
I've got two more Blockbusters to go now, within a reasonable radius, and am very excited for their doors to close. I love getting all the free stuff that comes of it. If I can get just one Blu-ray this time, I'll be really excited.
Posted by: MattChance | March 31, 2011 at 10:41 AM
I've been following this story - with my limited financial knowledge - and it seems BB was set to shut but the studios wouldn't let them as they owe the studios millions and Cobalt was going to buy them just to liquidate later. They legally can't do that now - for a few months at least - but they seem destined to shut down completely. I still envision Tiger Direct/CompUSA/CircuitCity buying them after some future liquidation just to use the name on a website. Hollywood makes blockbuster movies, BB rents/sells movies, how can you NOT make money with that name in that business?
Posted by: Bob E. | March 31, 2011 at 11:27 AM
@ MattChance:
"I've got two more Blockbusters to go now, within a reasonable radius, and am very excited for their doors to close. I love getting all the free stuff that comes of it. If I can get just one Blu-ray this time, I'll be really excited."
It is amazing, you are hoping stores will close which means people losing their jobs, just so you can get something for free.
Posted by: Tester | March 31, 2011 at 12:32 PM
The last Blockbuster in my area finally started closing down a few weeks ago. I went in to see what kinds of deals they had. $9.99 for all DVDs. Are you kidding me? I can get most of those used for $2 on Amazon!
Even in bankruptcy Blockbuster fails!
Posted by: Ryan P | March 31, 2011 at 12:36 PM
@Tester Go into a Blockbuster that's running a Store Closing sale, and see if the employees care about Blockbuster anymore.
Death to major corporations that manhandle America. Bankruptcy is the greatest thing ever.
Posted by: MattChance | March 31, 2011 at 01:38 PM
@ Bob E; How would Circuit City buy the Blockbuster name? You do realize CC went under about 3 years ago right?
Posted by: vio | March 31, 2011 at 03:43 PM
I agree completely with the below comments....
=====================
I hope they don't all shut down. Netflix and Redbox have crushed them to the point that Netflix isn't even trying to get a lot of the newly released older movies and classic TV shows the way they used to on DVD/Blu-ray.
Competition is good. Once you start becoming a monopoly there's no motivation there to offer the best product possible. I love Netflix streaming service but that seems to be all they're focusing on now, and that sucks.....
Posted by: LosCaca
Posted by: Lynne | March 31, 2011 at 04:10 PM
@violate You completely missed the poing of Bob's post. Circuit City is alive as a brand name of TigerDirect. Tiger could do the same thing with the Blockbuster name and domain.
Posted by: Patrick | March 31, 2011 at 04:26 PM
Wonder how the studios will treat BB when it comes out of bankruptcy. Read that article and see the 10s of million dollars the studio are going to end up eating. Somehow I doubt that the "new" BB will get the same favorable credit terms that the old BB got. The studios really got screwed even though there were suppose to be special understandings that the studios would get priority in payment.
Posted by: scJohn | March 31, 2011 at 05:34 PM
"I was able to acquire about 50 Blockbuster gift cards and some XBOX Live cards from their dumpster. I entered every single one of those codes, hoping beyond hope. None worked"
@MattChance
LOL. You actually thought that Blockbuster would ACTIVATE the Xbox Live cards and BB giftcards before they threw them in the dumpster? Really?
Use some common sense next time. Giftcards and XBL cards are worthless until they've been activated at checkout.
Posted by: Taco Bob | March 31, 2011 at 08:18 PM
I do not have any feelings for BB at this point. I refuse to pay over $5 a rental. Plus also being charged twice for one rental on my debit card and then telling me all I get is in store credit is just BS. So I hope BB rest in peace.
Posted by: Christopher | April 01, 2011 at 04:02 AM
Well find out Monday who touches Blockbuster.
I think Safeway and Total Video are the only two that offer rentals on shelves.
Posted by: Crow550 | April 01, 2011 at 07:47 PM
dish network wants to buy blockbuster out .
Posted by: alan | April 02, 2011 at 09:09 AM