Blockbuster Inc. Chapter 11 Recapitalization Plan
Will Not Impact Blockbuster Canada
TORONTO, Sept. 23 /CNW/ - Today Blockbuster Inc. announced that it is undertaking financial recapitalization through the Chapter 11 legal process in the U.S. in order to be in a stronger fiscal position for the future. Blockbuster Canada is not part of this legal process in the U.S. and is not impacted by it. All of Blockbuster Canada's operations are conducting business as usual.
"Blockbuster Canada operates independently of the U.S. and is financially stable. We have the assets and cash flow to execute our business plan," says Barry Guest, Vice President and General Manager. "Blockbuster Canada continues to be committed to serving our customers and keeping the business healthy for our nearly 5,000 employees in our 440 locations across the country."
Blockbuster Canada was not included in the Chapter 11 filing and is not a party in the legal proceedings. All of Blockbuster Canada's operations are open and serving customers in the normal course. Vendors in Canada should not expect any changes in how Blockbuster Canada does business with them. Invoices will be paid in the normal and ordinary course, and we expect no interruptions in the delivery of goods and services from our vendors.
"As a long time business partner, we will continue to support Blockbuster Canada to ensure that their customers can rent or buy the movies they are looking for," says Steven Dorman, President, Universal Studios Home Entertainment Canada. "Going into the busiest period of the year, it will be business as usual for Blockbuster and Universal Studios Canada."
Canadian consumers can continue to count on Blockbuster Canada for the best selection in movies including the best access to new releases, TV and games as well as our convenience with more than 440 locations across Canada and great customer experience.
For more information on Blockbuster Inc.'s announcement, please visit www.blockbuster.com/recapitalization.
About Blockbuster Canada
Blockbuster Canada is an indirect subsidiary of Blockbuster Inc., with more than 440 stores across Canada. Blockbuster Inc. is a leading global provider of in-home movie and game entertainment, with stores throughout the Americas, Europe, Asia and Australia. Blockbuster Canada may be accessed nationally at blockbuster.ca. Blockbuster Inc. may be accessed worldwide at blockbuster.com.
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