Blockbuster files for bankruptcy in US
A well know game and DVD rental gaint in US Blockbuster has filed for bankruptcy. While filing for the bankruptcy the company said in an statement that "it's made the decision in an attempt to cut debts and restructure the business".
"Blockbuster's 3,000 stores in the US will remain open for the time being,".
There reason given out by many of the analysts for this development is that Blockbuster was unable to cope up with the increased competition in the online market.
Martin Higgins, Managing Director (UK) said, "In the unlikely event that our parent company in the US goes bankrupt, it would have no operational impact on Blockbuster UK," he said.
"The UK management is 100% focussed on maintaining the best interests of Blockbuster UK, and I remain confident that we can continue to have a healthy business in the UK in the years to come."