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Sun, 11 Mar 2012 10:44:27 GMT | By Jason Buckland, MSN Money
Can bankruptcy save companies?


Blockbuster (© Jonathan Hayward/The Canadian Press)
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  • Blockbuster (© Jonathan Hayward/The Canadian Press)
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Bankruptcy filing: 2010

Much was made late last year about Blockbuster's flameout, though the "B" word had been thrown around by the video rental chain as far back as February 2010. That month, in what would be a harbinger for the nightmarish two years to follow, Blockbuster announced it would cease operations in Portugal, blaming Internet piracy for its failings in the European nation. Of course, there would be any number of reasons for the Texas-based franchise's demise — stronger competition from on-demand services, personified best by Netflix — and by Sept. 23, 2010, when Blockbuster officially filed for Chapter 11 bankruptcy protection, the chain had mounting losses and some $900 million in debt. Blockbuster stayed open while under bankruptcy, ultimately finding a buyer in Dish Network last April, though Dish's CEO Joseph P. Clayton admitted in January that many stores will still close, as planned.

* Bing: How many stores did Blockbuster have at its peak?

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