Blockbuster (2010)
THE REASON: One of the things that Blockbuster mentioned in its SEC filings is that its debt load and declining revenue could force it to seek a restructuring of its indebtedness or file for protection under the U.S. Bankruptcy Code. But 24/7 Wall St. said a bankruptcy will do almost nothing to improve Blockbuster’s prospects. When 24/7 Wall St. made its list, Blockbuster had over $1.7 billion in assets, but would almost certainly face liquidation in the relatively near future.
TODAY: Bingo. DISH Network acquired Blockbuster in 2012, announced plans to turn it into a Netflix competitor, closed its corporate-owned stores, and ended its retail and by mail DVD distribution operations in early-January 2014. All that’s left is Blockbuster On Demand, and a Blockbuster @Home-branded movie channel on DISH.
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