POSTED: Tuesday, February 22, 2011 - 9:27am
UPDATED: Tuesday, February 22, 2011 - 10:00am
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.