Blockbuster Reports On High Cost Of Bankruptcy
Business does not appear to be improving for struggling Blockbuster. In the past, it was weighted down with back-breaking debt; now, it is shouldering the high costs of bankruptcy reorganization. In a bankruptcy court filing reported today (Wednesday) by Home Media magazine, the movie "rentailer" declared a net loss of $42.1 million on $142.6 million in revenue for the four-week period ended Nov. 28. It attributed $20.1 million of the loss to reorganization costs and taxes.