Blockbuster is set to file for bankruptcy
Blockbuster Inc. is set to file for bankruptcy Thursday in New York before the stock market opens, using a $125 million loan to reorganize so it can compete with rivals such as Netflix Inc. in renting movies online, according to a person with knowledge of the planned petition.
Blockbuster Video, ubiquitous purveyor of rented DVDs, VHS tapes and video games, has filed for chapter 11 bankruptcy.