Blockbuster Reportedly Gets Offer

Blockbuster Reportedly Gets Offer
News

POSTED: Tuesday, February 22, 2011 - 8:27am

UPDATED: Tuesday, February 22, 2011 - 9:00am

Much has happened since we reported that Blockbuster Inc., was up for sale. The movie rental chain now says a group of investors is offering $290 million to buy it out of bankruptcy protection.

The reported offer is a so-called “stalking horse” bid, which Blockbuster hopes will attract other bidders and thus, higher offers.

Blockbuster was once the leading U.S. Movie rental chain, but suffered a big hit as Netflix Inc., and DVD rental kiosks stole business. The chain filed for bankruptcy protection in September.

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It's time for some going out of business DVD sales!

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