The next owner of BlockBuster will potentially have the future of the company in their hands. The new owner could choose to close all of the movie rental locations, liquidate the assets and move on from the company as a whole. However, they could choose to continue operations within the company, although you have to know that based on the legal troubles that have been seen with the company recently, the chances of them being able to continue with all of their current stores open is very unlikely. They could attempt to compete with streaming video services and keep the brand name, which is highly recognizable.
The business model that Blockbuster operated under simply is not practical in this day and age - especially when many of the titles that they offer (particularly older ones) are already available for free streaming on the web with a subscription to NetFlix. For physical movies, many are using the mail or RedBox dispensor machines to get their movie fix. It will be interesting to see who takes control of the BlockBuster brand and what they decide to do with it moving forward.
The bidding was opened at $290 million to start by Monarch Alternative Capital LP. This number may seem large, but is actually very small based on how big the brand still is even in this day and age. The company was first put up for sale in February after their financial problems hit the metaphorical wall, and only bids under $296 million qualified.
A number of other companies, including Dish Network have bid on BlockBuster, but their bids have not been made publicly available. A new owner will reportedly be chosen by Monday, and the bankruptcy judge will have to make a final decision on April 7th before the deal can move forward.
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