BLOCKBUSTER FILES CHAPTER 11 BANKRUPTCY

 It is official, Blockbuster has filed for "pre-arranged" Chapter 11 bankruptcy.  It should come as no surprise since the rumors have been swirling around Blockbuster for months. The bankruptcy will allow Blockbuster to go from about $1 billion in debt to around $100 million.  According to the press release Blockbuster is evaluating its US store portfolio as part of the plan.  They currently have close to 3,000 stores and those will remain open during the Chapter 11 proceedings, operating as normal.  However, sources indicate that up to 1,000 of the stores could be liquidated. [Engadget]