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Business News Retail
Blockbuster on the brink, maybe
By CMU Editorial | Published on Wednesday 4 March 2009
In Music Week’s recent review of music retail it was noted that one glow of hope came from the Blockbuster chain which has started stocking CDs in the UK while many other CD sellers disappear from the high street.
Possibly scratching away at that silver lining is news in the US that the Blockbuster parent company is facing major financial problems and may as yet apply for bankruptcy protection.
The video rental giant denies things are that bad, though they have appointed law firm Kirkland & Ellis and investment bank Rothschild to advise on their current financial woes, and rumours of pending bankruptcy have caused the firm’s share price to nose dive, so much so sales of their shares were suspended by the New York Stock Exchange.
More on this when we get it.
