NEW YORK (AP) - The Wall Street Journal is reporting that Blockbuster plans to put itself up for sale after a disagreement with its creditors.
Citing unnamed sources, the newspaper says the movie rental chain could not agree with its creditors on a plan to get cash to help it exit bankruptcy protection. The Journal says a bidder could offer more than $300 million for the chain plus assuming debt and leases.
Blockbuster and its lawyers could not immediately be reached for comment. The chain filed for Chapter 11 bankruptcy protection in September and said it would continue to operate its 3,300 stores.
Once the dominant U.S. movie rental chain, the Dallas company lost money for years as Netflix, video on demand and DVD rental kiosks seized control of the movie rental market.
(Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)
